BHP Group Ltd (ASX: BHP) shares are once again at the top of the S&P/ASX 200 Index (ASX: XJO).
BHP shares are up 3.4% to $61.75 currently after resetting their record high at $62.30.
This gives the mega miner a market capitalisation of $303.76 billion, according to the ASX.
Meanwhile, Commonwealth Bank of Australia (ASX: CBA) shares are down 10% to $154.41 — a near record one-day fall.
This follows the bank's 3Q FY26 update. This gives CBA shares a market capitalisation of $287.11 billion.
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BHP shares back on top of ASX 200
BHP and CBA shares have played musical chairs over the past year, unseating each other at the top of the charts on several occasions.
But perhaps BHP shares will sit at the top of the table for a longer period now.
Australia's largest miner has several tailwinds today, while Australia's largest bank faces macroeconomic challenges.
BHP shares are benefitting from soaring copper prices, with the red metal reaching a record US$6.58 per pound on Wednesday.
That's a big deal for BHP, given copper now represents more than half of its earnings before interest, taxes, depreciation, and amortisation (EBITDA).
Analysts at Trading Economics say today's record copper price is largely due to stronger Chinese demand and growing supply concerns.
Recent data suggested resilient industrial activity in China despite geopolitical headwinds, while consumption remained robust across power grids, renewable energy, and artificial intelligence-related infrastructure.
The ongoing rally in AI equities has also reinforced expectations for continued investment in data centers, further supporting copper demand.
The build-out of data centres, which requires a lot of copper and silver, is now so significant in Australia that it was directly identified as contributing to our first monthly trade deficit since 2017.
The Australian Bureau of Statistics attributed a sharp rise in imports in March partly to automatic data processing equipment, representing the surging investment in data centres.
On top of this, BHP shares are also benefiting from the same long-term tailwinds boosting all mining shares these days.
They include the green energy transition, volatile geopolitics creating higher demand for resources and critical minerals to attain more self-sufficiency, investment in artificial intelligence (AI), and supply-side constraints for multiple industrial metals.
Meanwhile at CBA…
Meanwhile, CBA shares have some tailwinds, as today's update from the bank showed.
CBA reported an unaudited cash net profit after tax (NPAT) of $2.7 billion. That was 1% lower than the quarterly average for 1H FY26.
Net interest income rose 1% due to lending and deposit volume growth, earnings on the replicating portfolio, and higher deposit margins.
This was partially offset by cash rate lag, lending competition, the lower New Zealand dollar, and two fewer days in the quarter.
CBA also lifted its provisions given the uncertain economic outlook.
For 3Q FY26, CBA's loan impairment expense was $316 million.
The bank raised the forward-looking component of collective provisions by $200 million to account for greater geopolitical and economic risks.
CBA CEO Matt Comyn also commented on weakening consumer sentiment, which has plunged to its lowest level since the pandemic.
Comyn said:
Many Australian households and businesses are navigating cost-of-living pressures from higher energy prices and interest rates.
Conflict in the Middle East is disrupting critical supply chains and contributing to global uncertainty.
He added:
We are closely monitoring the impacts of the Middle East conflict and the broader macroeconomic environment.
The Australian economy continues to demonstrate resilience, but supply chain disruptions, higher prices and interest rates are expected to weigh on household spending and business activity.
