The copper price continued its powerful run on Monday, setting a fresh all-time high after climbing past US$11,770 per tonne on the London Metal Exchange.
The metal has now gained more than 30% in London since the start of the year, comfortably outpacing the broader market.
For context, the S&P/ASX All Ordinaries Index in up by 5.16% during the same period.
This record-breaking copper rally appears to be a boon for BHP Group Ltd (ASX: BHP).
In recent years, the ASX 200 mining stock has steadily expanded its copper exposure through a series acquisitions and strategic investments.
Such efforts have propelled the company into the world's largest copper miner, having producing 500,000 tonnes of the metal in just the third quarter of 2025.
And BHP shares have benefited accordingly.
Since early January, the stock has climbed by 11.84% to $44.68 at the time of writing.
Overall, BHP shares are currently flirting with 52-week highs.
But the copper boom could still have plenty of room to run, according to US investment firm Citigroup (NYSE: C).
Let's find out why the broker is bullish on the metal.
Strong outlook
Demand for copper remains supported by both traditional and fast-growing modern applications.
Amongst others, the metal is central to the global energy transition, with significant use in electric vehicles and associated charging infrastructure.
It is also a critical component in AI data centres thanks to its conductivity and efficiency in power distribution and cooling.
Such factors hint at the prospect for long-term growth in global copper consumption.
In turn, analysts at Citi have now projected global end-use consumption to rise by 2.5% next year, as reported in the Australian Financial Review.
The broker cited a lower interest-rate environment and fiscal expansion in the US as drivers of growth, alongside European demand and the global energy transition.
Citi analysts, led by Max Layton, stated:
We have conviction in copper upside through 2026 supported by multiple bullish catalysts, including an incrementally constructive fundamental and macro backdrop.
As a result, Citi sees the copper price averaging US$13,000 per tonne in the second quarter of next year, under a base-case scenario.
This equates to more than 10% upside from current levels.
Implications for BHP shares?
Any further strength in the copper price is likely to be welcome news for BHP shares.
The ASX 200 mining powerhouse holds a vast portfolio of copper mines spanning Chile, Peru, South Australia, and Arizona.
All up, it produced two million tonnes of the metal in FY25.
Furthermore, copper contributed 45% of its underlying operating earnings (EBITDA) during the year, up from 29% in FY24.
BHP is also moving to expand its total copper output.
The group recently outlined plans to invest A$840 million in South Australian copper projects, including its the giant Olympic Dam operation.
