Stocks in the materials sector slipped amid flat gold prices, while silver fell 3%.
BASF's unchanged guidance for free cash flow disappoints and implies that higher raw material costs are offsetting profitability upgrades, Bernstein analysts James Hooper and Sebastien Afoy wrote.
Rio Tinto reported a 7% rise in second-quarter iron-ore sales from its Australian mining operations to the highest since 2020, while reducing annual cost guidance for its copper business.
Antofagasta's second-quarter copper production miss should raise caution, RBC Capital Markets analysts Ben Davis and Marina Calero said. Production missed expectations on temporary maintenance at the Los Pelambres mine, although delayed volumes should be recognized in the second half of the year, the analysts said.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
