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BHP Billiton Flags Early Signs of Commodities Recovery

Chief executive of world’s biggest miner said there are indications the global glut is easing

By RHIANNON HOYLE
Oct. 18, 2016 10:38 p.m. ET

SYDNEY—The chief executive of BHP Billiton Ltd., the world’s biggest miner by market value, sounded a more positive tone on world commodity markets, saying there are early indications the glut in some sectors is easing.

A global oversupply of everything from iron ore and copper to oil dragged prices early this year to lows many resources executives said they had never expected, and for BHP, pushed it to its worst-ever annual loss. The global mining sector responded to weak prices by paring output for some commodities and shelving big new projects, which may be starting to pay off.

“We have seen early signs of markets rebalancing,” BHP Chief Executive Andrew Mackenzie said on Wednesday, as the miner reported that its own production of commodities was mostly lower in recent months on the same time a year ago.

http://www.wsj.com/articles/bhp-billiton-flags-early-signs-of-commodities-recovery-1476844726?mod=yahoo_hs&yptr=yahoo