The BHP (ASX:BHP) share price has just hit a multi-year high

The BHP Group Ltd (ASX: BHP) share price was on form again on Monday.

At one stage, the mining giant’s shares charged as much as 3% higher to a new multi-year high of $42.78.  

When the BHP share price reached that level, it was up a sizeable 19% since this time last month.

Why is the BHP share price at a multi-year high?

Investors have been buying BHP’s shares over the last few weeks thanks to a rise in commodity prices.

This appears to have positioned the Big Australian to deliver another bumper profit result in FY 2021.

What has been happening?

The first commodity of note is oil. Last week oil prices climbed higher again, which led to WTI and Brent prices recording their fifth consecutive week of gains. This bodes well for…