Demand fears continue to restrict the extent of upside moves, whilst supply disruptions at the mine level have more recently provided a floor to prices following the early-year sell-off.
The recurring phenomenon — a warming of the Pacific Ocean as part of a complex cycle linking atmosphere and ocean — has in the past affected mine output, triggering price spikes.
CEO Andrew Mackenzie announced the firm would cut capital and exploration expenditure to $9 billion in the 2016 financial year from $12.6 billion in 2015.