BHP (ASX: BHP) Rally: Should You Take Profit After a 42% Surge in 2026?
The “Big Australian” has added another ~$1.50 this morning, extending its 2026 gain to ~42% — and prompting the obvious question: is it time to bank some profit?
We don’t think so. Here’s why.
BHP has already reclaimed the mantle from Commonwealth Bank (CBA) as the ASX 200’s largest stock, and we expect that gap to widen over the coming years. The reason is structural: BHP has repositioned itself as the world’s largest copper producer, placing it squarely at the centre of what Market Matters believes is the early stage of a commodities Supercycle. Global electrification is accelerating, copper demand is front and centre, and the industrial metal looks on track to make fresh all-time highs in the months ahead — a backdrop that supports further re-rating of BHP’s earnings and valuation multiples.
We wouldn’t be surprised to see BHP test $70 in the second half of 2026.
BHP remains one of our largest holdings at Market Matters. At this stage of the cycle, we see no compelling reason to take profit.
