Copper prices are on the rise due to supply issues, primarily stemming from a production stoppage at the Grasberg mine in Indonesia, one of the world’s largest copper producers.
That scenario should tighten supply for copper at a time when the reddish-brown metal is in massive demand, driving its price even higher. Depending on which analyst you track, copper should rise to somewhere between $10,500-$11,700 per ton, up from $10,300 per ton as of September 25.
Demand for copper is already high, especially from China, which accounts for approximately 60% of global demand over the past year. Industry-wise, copper is a must-have in the infrastructure and clean energy realms. Electric vehicles, for example, require up to four times more copper than fossil-fuel vehicles.
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For these reasons and others, investors have been acquiring as many copper assets as possible, with sector ETFs attracting $2.3 billion in net inflows in 2025, nearly 50% higher than in 2024. Investors who have taken the full-year ride have been rewarded, with the Global X Copper Miners ETF (NYSE: COPX) up 47.35% year-to-date, outperforming its industry category by 19.4% and the S&P 500 Index by 12.3%.
“Copper trading activity is up around 50% compared to what we would normally expect,” said David Jones, chief market analyst at Capital.com, in a September 24 research note. “This is always an important commodity and is often seen as a leading indicator for economic upswings or contractions.”
Jones notes that it’s been a turbulent couple of months for copper, with the price collapsing by 20% in one day at the end of July, as the Trump administration unexpectedly imposed tariffs on copper imports. “This was the largest fall in the history of the copper market and not surprisingly left many traders shell-shocked, resulting in lower volatility throughout the summer,” he said.
Yet this week, traders saw the price bounce by 7% as mining giant Freeport weighed in on its Grasberg “mud rush” in Indonesia. “That is a big one-day move, but the price of copper is still around 20% below the pre-tariffs highs,” Jones said. “Are traders speculating that there are more gains to come from copper in the days ahead? Either way, given recent events, copper is likely to remain a popular market in the final quarter of 2025.”
An Option Over Gold?
While gold prices have soared in 2025, copper may also bring something unique to the table for commodity-minded investors.
“In the precious metals industry, insiders often call copper the ‘wiring’ of the economy,” said Ilir Salihi, founder and senior editor at Income Insider. “Most of the major economic drivers in today’s market, such as AI data centers, renewable energy grids, and EVs, all rely heavily on copper and drive its demand.”
Structurally, the demand for copper is expected to increase significantly as both AI and EV infrastructure continue to expand and accelerate. “At the same time, supply is costly to unearth and is inherently limited,” Salihi said. “In many locales, such as Canada, which is one of the world’s top copper producers, copper mining output has fallen by over 20% in the past decade. Demand for copper is simply far outstripping its supply as we transition to a low-carbon economy.”
Salihi believes gold hedges against macro-level fears and recessionary worries, whereas copper rides the growth of the real economy. “That’s the best way to think of it. If you want to capture the upside tied to electrification and AI expansion rather than recession insurance, copper is the stronger buy.”
While investors don’t have to pick a side when it comes to gold versus copper, today’s capex in grids, data centers, and renewables “gives copper a far clearer demand runway than gold, whose demand is mostly sentiment-driven,” Salihi added.
3 Copper Stocks To Play In Late 2025 And In 2026
With copper in supercharging mode right now, here are the plays that make sense for investors at this time.
Freeport-McMoRan
Year-to-date performance: -7.20%
While Salihi says he doesn’t give direct investment advice, he does have a few copper stocks right now, and Freeport-McMoRan (NYSE: FCX) is one of them.
“Freeport is one of the world’s largest publicly traded copper producers, with mines across the Americas as well as Indonesia,” he said. “It has massive scale, but is exposed to geopolitical risk tied to its overseas operations.”
While analysts have expressed short-term concerns over FCX due to its Grasberg headaches, there are longer-term benefits of Freeport. Bernstein, for instance, held its ‘buy’ call on FCX this week after the mining incident.
Southern Copper Corp.
Year-to-date performance: +33.01%
Southern Copper (NYSE: SCCO) is another favorite among seasoned copper investors.
“SCCO continues to deliver strong operational and financial performance while executing its ambitious investment program without adversely affecting its credit metrics,” said Franck Bekaert, senior emerging markets analyst at Gimme Credit. “The company’s EBITDA margins of 56% are one of the highest in its peer group. The U.S. exports represent 10% of its revenue, while Asia and Mexico represent each over 30% of its revenue.”
Consequently, Bekaert believes that any increased tariffs “will have a limited impact on Southern Copper’s performance for the coming quarters.”
Other market experts say the company is well-positioned internationally and operationally.
“Southern Copper, part of Grupo Mexico, stands out for its vertically integrated operations and low-cost structure across major mines in Peru and Mexico,” said Tracy Schuchart, senior economist at Ninja Trader.
Antofagasta PLC
Year-to-date performance: +65.22%
London-based copper mining holding company Antofagasta (OTCPK: ANFGF) reported strong operational results in copper, along with its by-products gold and molybdenum.
“The company has a strong business position, with high-quality assets and a solid balance sheet, and is on track to achieve significant growth through projects initiated last year,” Bekaer noted. “Antofagasta is also benefiting from the rise in gold prices, as well as increased demand for molybdenum, to a lesser extent. Additionally, we believe the company is well-positioned to handle tariff-driven volatility.”
… And One Copper Fund
If you don’t feel comfortable engaging with copper stocks directly, taking a position in an industry fund can still get the job done.
Newer investors should take a closer look at the Global X Copper Miners ETF (NYSE: COPX), a diversified copper mining ETF that spans a global basket of miners. “Investing in COPX lets you avoid single-company risk while still giving you plenty of upside exposure to capture copper’s price swings,” Salihi said. “If you’re hesitant to pick a single winner, betting on COPX lets you minimize risks and gain exposure to the copper mining industry as a whole.”
COPX includes major players such as Freeport-McMoRan, Southern Copper, and Glencore. “It’s also the most liquid, with broad global exposure,” Schuchart said.
Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.
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