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Australian mining giant BHP Billiton Limited ( BHP ) on Thursday caught some continued bullish support from analysts at Nomura Securities.

The firm reiterated its "Buy" rating on BHP, providing several takeaways from the company's recent copper business update.

A Nomura analyst commented, "BHP has presented an update on its copper business, which has been a somewhat lower priority over the past few years. In terms of the copper market, BHP has indicated that it is comfortable with inventories and customer interest, seeing potential for demand to improve in the second half of 2012. Long term, BHP continues to see a supply challenge to meet new demand equal to an estimated CAGR of 5% out to 2025. A favorable demand outlook and the opportunity for high return / short paybacks in copper see BHP back on the hunt for additional copper exposure. BHP continues to work through its long-term options for Olympic Dam, as it wrestles with how to fit the open-pit expansion project into the current project pipeline. BHP's Chilean asset base appears to offer the best potential for increasing copper production in the mid-long term."

BHP Billiton shares fell 65 cents, or -1.1%, in premarket trading Thursday.

The Bottom Line
Shares of BHP Billiton ( BHP ) have a 3.25% dividend yield, based on last night's closing stock price of $62.10. The stock has technical support in the $54-$60 price area. If the shares can firm up, we see overhead resistance around the $67-$70 price levels.

BHP Billiton Limited ( BHP ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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