Why the BHP (ASX:BHP) share price just blasted into record territory

BHP Group Ltd (ASX: BHP) shares have just blasted into record territory. If the BHP share price can hold onto its 3.26% intraday gains for roughly another hour, the Australian iron ore and copper mining giant will close at new all-time highs.

BHP’s previous record high was $47.54 per share. Shares touched $49.30 in early morning trade today, before retracing some to currently trade at $48.47.

Why is the BHP share price hitting all-time highs?

After falling hard during the COVID-driven market rout last February and March, the BHP share price has come roaring back, up 92% since 16 March.

Much of the company’s success is attributable to the soaring price of iron ore and copper, the two dominant contributors to BHP’s…