Copper Prices Fuel BHP's Record-Breaking Profit

BHP Group reported better-than-expected full-year underlying profit on higher copper prices. The miner's top earnings driver is now copper, surpassing iron ore for the first time.

Copper prices have reached record highs above $14,000 a tonne this year due to the rapid pace of AI data centre buildout and global shift towards cleaner power.

BHP CEO Brandon Craig said 'copper is the engine that is driving BHP's growth.' Demand for copper is expected to grow from 34 million tonnes per annum today to more than 50 million tonnes by 2050, while BHP aims to produce up to 40% more copper by 2035.