Copper Surge Could Send BHP Share Price to $100

BHP's shift to copper may propel its share price to $100 per share, according to Grady Wulff, senior market analyst at Bell Direct.

The company's recent results showed that for the first time, most of BHP's earnings came from copper rather than iron ore. Copper demand is expected to rise due to the lead time on new supply, which can take up to 17 years to reach production.

A study published in January 2026 put the average at 17 years from discovery to production. By 2040, copper demand is forecasted to grow by 50% to 42 million tonnes. BHP expects its own total copper demand to increase from 34 million tonnes a year now to more than 50 million tonnes by 2050.

CFO Vandita Pant described the non-traditional demand for copper, including data centres, electrification and power networks, growing at 6.5% a year. BHP is targeting compound annual production growth on a copper-equivalent basis of around 3% to 4% a year from FY2027 through to FY2035.