Copper Stocks Surge as Prices Keep Climbing

Record prices boost copper stocks

Shares of most major copper producers have gained strongly since the start of 2026.

BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has increased 42 percent, Glencore (LSE:GLEN,OTCPL:GLCNF) has surged more than 50 percent and Southern Copper (NYSE:SCCO) is up 48 percent.

Even companies materially affected by operational closures have had tailwinds. First Quantum Minerals (TSX:FM,OTCPL:FQVLF) is up 23 percent year-to-date and 87 percent since September 2025, while Freeport-McMoRan (NYSE:FCX) has gained 48 percent year-to-date and 69 percent from last year.

Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) has recorded a 17 percent decline in its share price since the start of the year, but most of its losses occurred during the first half of 2026, when it plunged 36 percent between January and April. More recently, shares have rebounded, gaining 16 percent between August 10 and Wednesday (September 9).

Copper's momentum is being reflected in spending. In June, S&P Global forecast that capital expenditures for the mining industry will reach a 10 year high of US$121 billion this year, largely driven by copper.

It's money that is starting to trickle down into the junior sector. In an April report, EY said exploration investment in BC hit a record C$751 million in 2025, with copper investment accounting for C$385 million.

While it’s still unclear where 2026 expenditures will land, overall copper market conditions have tightened and moved closer to a supply deficit, adding more impetus for mining majors to fill their project pipelines.

The high copper price environment is also contributing to stellar gains for some companies on the TSXV. Tintina Mines (TSXV:TTS,OTCPL:TNNTF) is up over 600 percent since the start of the year as it works on its Dos Amigos project in Chile; BCM Resources (TSXV:B,OTCPL:BCMRF) has gained more than 400 percent as it continues exploration activities at its Thompson Knoll property in Nevada; and Panoro Minerals (TSXV:PML,OTCQB:POROF) has surged almost 400 percent while it advances the Cotabambas project in Peru.

Potential cost concerns for copper miners

Although copper miners have tailwinds behind them, they are also facing challenges.

Supply chains for key energy and process inputs have been significantly constrained by limited shipping through the Strait of Hormuz. Oil prices have been volatile but rangebound, with Brent crude fluctuating between US$90 and US$110 per barrel, and West Texas Intermediate ranging between US$85 and US$105.

These elevated levels have driven input costs globally as diesel prices rise, and diesel is used for haul trucks and other heavy equipment necessary for operations. Analysis from BMO and Wood Mackenzie suggests that for every 10 percent rise in oil prices, costs for copper miners increase 3.5 percent.

Oil isn’t the only increasing cost. Sulfuric acid supply has also been impacted by the closure of the strait. Roughly one-quarter of the world’s supply of sulfur is located in the Middle East.

It’s used primarily in copper refining, but also to process other metals like nickel and in the agricultural sector.

With limited sulfur flowing through the strait, producers are being forced to compete for lower inputs, providing significant challenges and driving input costs across the board.