Are Rio Tinto or BHP shares a better buy right now?

Rio Tinto Group (ASX: RIO) and BHP Group (ASX: BHP) have been two of the best performing blue-chip companies shares in 2026.

While much of the ASX 200 has been flat this year, these two mining giants have soared 28% and 42% respectively. 

This trend continued yesterday when both Rio Tinto and BHP shares climbed significantly. 

Why are Rio Tinto and BHP shares rising?

Rio Tinto and BHP have long been held by investors due to their market dominance in production of iron ore and coal. 

However the main reason both BHP and Rio Tinto have been strong performers in 2026 is that investors are increasingly valuing them as copper growth companies, not just iron ore miners.

Copper has been one of the best-performing major commodities in 2026, supported by demand from AI infrastructure, data centres, electric vehicles, power grids and the energy transition. 

Copper prices are near record levels and have risen roughly 40% over the past year.

This has pushed BHP and Rio Tinto shares to new record highs. 

Holders will be pleased with positive returns, however those watching the stocks closely may be concerned about how much further they can grow. 

Here is the latest analysis from experts on Rio Tinto and BHP shares. 

Rio Tinto outlook 

Rio Tinto shares closed yesterday trading just under $190 each. 

The miner recently posted solid results for the three months to March 2026.

Experts’ opinions on the blue-chip stock appear to be mixed. 

The team at WAM Leaders Ltd (ASX: WLE) are optimistic about Rio Tinto shares.

Meanwhile, JP Morgan renewed its buy rating on Rio Tinto shares earlier this month. 

The broker lifted its 12-month price target from $203 to $207.

This indicates roughly 9% upside. 

However, the team at Morgans see the stock as a hold. 

The broker said the near term earnings outlook appears “balanced” rather than clearly positive. 

BHP shares outlook 

Meanwhile, BHP shares closed trading yesterday at just over $65 per share, close to an all-time high. 

Some experts are leaning towards taking profits after this year’s gains. 

Alto Capital’s Tony Locantro (via The Bull) believes investors would do well to take profits

Elsewhere, EnviroInvest’s Elio D’Amato has a hold rating on the BHP shares. 

Meanwhile, Morgan’s most recent analysis also included a hold rating, seeing the mining giant’s shares as close to fully valued. 

The broker said:

The global miner offers broad diversification across iron ore, copper and potash, underpinned by a fortress balance sheet and a disciplined approach to capital returns. Copper provides meaningful long term exposure to the global electrification and energy transition theme, while iron ore remains the dominant near term earnings driver.

However, the macro backdrop remains uncertain, with Chinese steel demand facing structural headwinds and global growth indicators sending mixed signals. The valuation at current levels appears broadly fair, with commodity price assumptions already reflecting a reasonable medium term outlook. BHP remains a core holding for resource oriented portfolios, but with limited near term re-rating catalysts, we retain a hold recommendation.

The post Are Rio Tinto or BHP shares a better buy right now? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Bell has positions in BHP Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.