BHP Group Ltd (ASX: BHP) shares closed the day 1.4% higher on Monday, at $59.82 a piece.
The ASX mining stock has flown higher over the past year, climbing around 63% over the past 12 months and 41% year to date.
For context, the S&P/ASX 200 Index (ASX: XJO) is up around 3.3% over the past 12 months, and 1.1% higher for the year to date, at the time of writing.
June has been a volatile month for BHP shares, though. Their value has fluctuated anywhere between $58.52 and a fresh all-time high of $65.59 mid-month. Since spiking to their peak, the shares have tumbled around 9%.
Now, many are questioning whether BHP shares have reached a ceiling or if there is more upside to come in July.
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What happened to the ASX miner's shares in June?
BHP shares reached a new all-time high in mid-June, driven by improved copper prices and overall commodity tailwinds throughout the first couple of weeks of the month.
Investors rotated back into diversified miners after the price of copper surged to a multi-year high earlier in the month.
According to Trading Economics, copper futures climbed to an all-time high of over US$6.6 per pound in mid-June.
Copper is currently one of the world's hottest metals, with strong demand for usage in electric vehicles, solar panels, and data centres.
But as quickly as BHP shares spiked in value, they fell back down again. Softening in the copper price, renewed conflict in the Middle East, ongoing inflation concerns, and profit-taking investors dragged BHP shares lower towards the end of the month.
Should I buy BHP shares in July?
Even after a strong rally over the past year, it looks like BHP shares still have some room left to run.
Market Index data shows the majority of brokers have a hold rating on the shares. The $61.77 average target price implies a potential 3% upside, at the time of writing.
TradingView data shows something very similar. Out of 18 analysts, 13 have a hold rating on the mining giant's shares. Another four rate the stock as a strong buy.
The average target price of $64.78 implies an 8% potential upside at the time of writing. However, the range of forecasts is huge. Some expect the shares to fall 32% to a minimum target price of $40.97.
Others think BHP shares have the potential to climb 58% higher to $94.51. That's over 44% higher than the all-time high recorded a few weeks ago.
When it comes to BHP shares, I'm on the fence right now. I can't see shares climbing as high as some analysts forecast, but after the latest sell-off, I wouldn't be surprised if the share price started trending a little higher.
