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Copper stocks are being supported by an increasingly constrained supply environment in 2026 that has led to record-high copper prices.
Copper prices began rising last year due to supply-and-demand dynamics, as disruptions at major mines pushed the market out of balance.
While those mine disruptions began to ease at the end of 2025 and into 2026, new constraints have emerged, the most significant of which was the closure of the Strait of Hormuz by Iran in response to the US and Israel attacking the country at the end of February.
More than 20 percent of the world's oil transits through the strait, as does a significant portion of sulfur supply. As sulfuric acid is used in the refining of copper, this has led to downstream issues for smelters and processors, particularly in Asia.
In terms of copper prices, the COMEX price set a new record of US$6.71 per pound on May 13. Likewise, prices on the London Metals Exchange were also elevated, reaching US$14,196.50 that same day, just shy of its record of US$14,527 per metric ton on January 29.
In the long-term, structural copper demand drivers, including electrification, digital infrastructure and industrial expansion, are underpinning long-term growth, particularly in emerging markets. On the supply side, however, pipeline constraints persist due to limited new projects, declining ore quality and extended development timelines.
Against that backdrop, how have TSX-listed copper companies performed?
Learn about the top five best-performing Canadian copper stocks in 2026 by year-to-date gains below.
Data for this article was retrieved on June 16, 2026, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.
1. Osisko Metals (TSX:OM)
Year-to-date gain: 144.87 percent
Market cap: C$1.46 billion
Share price: C$1.91
Osisko Metals is an explorer and developer working to restart operations at the past-producing Gaspé copper mine in Québec, Canada. Located in the Gaspé Peninsula, the mine was in operation from 1955 until its closure in 1999, during which time it delivered 150 million metric tons of ore with an average grade of 0.87 percent copper.
On April 14, Osisko announced an updated, pit-constrained mineral resource estimate for Gaspé that incorporated data from its 118,000 meters of drilling last year, and increased indicated copper by 119 percent.
It report measured and indicated copper resources of 10.77 billion pounds of copper from 1.83 million metric tons of ore grading 0.27 percent copper, and an additional inferred resource of 2.16 billion pounds of copper from 238.8 million metric tons grading 0.46 percent. The categories also included molybdenum and silver resources.
Osisko Metals has continued to explore the site through 2026, and as of its June 9 exploration update had five drill rigs active on site, with two more being added by the end of June.
The update included initial results from the program for holes drilled at the Needle Mountain expansion site. The company said the program has already produced three significant intersections from the Needle Mountain expansion site and that there is potential to convert in-pit waste rock into new mineralized zones.
One expansion hole intersected 80 meters with an average grade of 1.93 percent copper from 196 meters of depth, including an interval of 30 meters grading 3.49 percent.
Osisko has also made significant fundraising announcements. The first came at the end of December 2025, when the company closed a private placement for C$32.5 million from four strategic investors: Hudbay Minerals (TSX:HBM,NYSE:HBM), Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Franco-Nevada (TSX:FNV,NYSE:FNV) and La Caisse.
More recently, the company closed another private placement on February 4 for C$15 million, with the majority of the proceeds coming from Agnico Eagle, Hudbay and Rosseau Asset Management.
Funds from both placements will be used to advance activities at Gaspé.
Shares of Osisko reached a year-to-date high of C$1.94 on June 15.
2. Faraday Copper (TSX:FDY)
Year-to-date gain: 120.71 percent
Market cap: C$1.79 billion
Share price: C$6.18
Explorer Faraday Copper is focused on its Copper Creek project in Arizona, US. The 78 square kilometer property is located in a region that is home to several current and past-producing copper mines. The project hosts a 3 kilometer long resource area that has seen more than 200,000 meters of drilling across over 560 drill holes.
In 2023, Faraday released a preliminary economic assessment (PEA) for the project.
The report demonstrated an after-tax net present value of US$713 million, an internal rate of return of 15.6 percent and a payback period of 4.1 years, using a base-case copper price of US$3.80 per pound.
According to the PEA, Copper Creek hosts a combined measured and indicated resource of 4.2 billion pounds of copper from 421.9 million metric tons of ore grading 0.45 percent copper. It also holds molybdenum and silver resources.
Exploration at the site has been ongoing, and Faraday reported the most recent results from its Phase 4 drill program on May 12. It stated that 13 of the 19 holes drilled had encountered copper mineralization, with most starting from within 40 meters of surface. One highlighted assay from the Copper Giant target returned average grades of 0.81 percent copper over 36 meters from surface in breccia mineralization.
In addition to exploration, Faraday has also made significant business announcements. The first came on February 20, Faraday entered into a non-binding letter of intent to wholly acquire BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) San Manuel property, which sits adjacent to Copper Creek and contains a historic copper mine and a closed tailings facility. Upon closing of the deal, Faraday will assume control of San Manuel, as well as all environmental and closure liabilities. The company said the acquisition will consolidate the assets into what could potentially become a multi-generational copper district.
Additionally, on March 11, Faraday closed a non-brokered private placement for gross proceeds of C$100 million from investors that included the Lundin Family Trust and a BHP subsidiary. The company said the funds will be used to advance its copper projects in Arizona and to support the San Manuel acquisition and integration into its operations.
Shares of Faraday reached a year-to-date high of C$6.64 on June 2.
3. Arizona Sonoran Copper Company (TSX:ASCU)
Year-to-date gain: 103.52 percent
Market cap: C$2.03 billion
Share price: C$9.83
Arizona Sonoran Copper Company is an explorer and developer dedicated to advancing the Cactus project in Arizona, US, towards production. The brownfield asset, near Phoenix, was operational from 1972 to 1984.
Since then, Arizona has made substantial investments in the project, including a US$20 million reclamation program aimed at remediating the property. The site features one historic stockpile from the past-producing Sacaton mine, as well as the Cactus East, Cactus West and Parks/Alyer deposits.
A prefeasibility study released in November 2025 highlights the project's base-case economics: an after-tax net present value of US$2.3 billion, an internal rate of return of 22.8 percent and a payback period of 5.3 years at a copper price of US$4.25 per pound.
The mine is expected to yield an average of 99,000 metric tons of copper per year, totaling 3.99 billion pounds over a 22 year lifespan. Initial mining for the first two to two and a half years is planned from a starter pit at Parks/Alyer.
The most recent update from the project was on February 11, when the company released partial results from the first phase of infill drilling at the Parks/Salyer deposit. The program is being used to define a proven mineral reserve for the deposit, which will be included in a feasibility study.
On March 2, Arizona Sonoran entered a definitive agreement to be acquired by Hudbay Minerals, under which Hudbay will acquire all issued and outstanding shares at C$9.35 per share, a 30 percent premium to the TSX price on February 27.
Once complete, the combined companies will hold the third largest copper district in North America. Hudbay Minerals took fifth place in this top copper stocks list, and more information on the consolidated operations is provided in that company's entry below.
On May 11, Arizona Sonoran announced that 99 percent of shareholders voted in favor of the acquisition, which it expects will complete before the end of Q2 if all other conditions are completed.
Shares of Arizona Sonoran reached a year-to-date high of C$10.67 on June 2.
4. Amerigo Resources (TSX:ARG)
Year-to-date gain: 55.6 percent
Market cap: C$1.12 billion
Share price: C$7.08
Amerigo Resources is a mining waste processing company focused on recovering copper from mine tailings using its Minera Valle Central treatment plant. The tailings come from Codelco’s El Teniente copper mine in Chile, which is one of the world's largest copper mines.
The company has been operating since 1992 and has produced 1.08 billion pounds of copper from waste products over that timeframe.
Amerigo released its 2025 operating results on February 25, reporting net income of US$35.4 million compared to US$19.2 million the prior year. The company ended the year debt-free after repaying US$11.5 million in October.
On April 29, Amerigo reported first-quarter copper production of 14.3 million pounds, up from 13.2 million in Q1 2025. While Q1 included its annual 10 day maintenance shutdown, production was stronger than anticipated, according to the company.
It also stated that elevated copper prices helped support an increase in earnings per share to C$0.12 from C$0.03 in Q1 2025, and an increase of net income to C$14.7 million versus C$3.3 million a year earlier. The company paid a quarterly dividend of C$0.04 per share.
Shares of Amerigo reached a year-to-date high of C$7.35 on June 2.
5. Hudbay Minerals (TSX:HBM)
Year-to-date gain: 45.76 percent
Market cap: C$15.99 billion
Share price: C$40.74
Hudbay is a copper production and development company focused on mines and projects in the Americas.
The company has three active copper mines: Snow Lake in Manitoba and Copper Mountain in British Columbia, Canada, and Constancia in Peru. It is also developing the Copper World project in Arizona, now a 70/30 joint venture between Hudbay and Mitsubishi (TSE:8058,OTCPL:MSBHF) following a US$600 million strategic investment by Mitsubishi on January 12.
On February 20, Hudbay released its fourth quarter and full year 2025 results, highlighting that it delivered copper production guidance for 11 years in a row, with 2025 production of 118,188 metric tons of copper.
The company said it would allocate US$420 million from Mitsubishi toward completing a definitive feasibility study (DFS) for Copper World by mid-2026 as well as pre-sanctioning decision costs and initial development costs. It's working towards a sanction decision for Copper World within 2026.
Then on March 2, Hudbay announced its intent to acquire Arizona Sonoran Copper, which is developing its Cactus copper project in Arizona, in a move Hudbay said would create the third-largest copper district in North America.
The company is planning staged development of Copper World and Cactus, offering operational efficiencies, the release states. It expects to double its annual production to more than 250,000 metric tons by 2030, with the potential to surpass 350,000 metric tons with the addition of Cactus.
In its first quarter results released on May 1, Hudbay reported that the Copper World DFS was over 85 percent complete at the end of March and is on track to be done in mid-2026.
The company produced 27,929 metric tons of copper and 61,700 ounces of gold during the quarter. It reiterated annual production guidance of 110,000 to 138,000 metric tons of copper, with sustaining cash costs between US$1.70 to US$2.10 per pound of copper.
Hudbay’s most recent news came on June 17, when it announced the pricing of municipal bonds for Copper World at 4.5 percent and its intention to raise an aggregate principal amount of US$52 million. The bonds will carry an initial tender date of July 2, 2036. Funds will be applied to eligible expenditures at Copper World.
Shares in Hudbay reached a year-to-date high of C$44.07 on June 2.
FAQs for investing in copper
Is copper a good investment in 2026?
Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper's price has climbed to new all time highs in 2026, bringing many copper stocks with it.
Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.
What is copper used for?
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2022, 32 percent of copper globally was used in equipment manufacturing and 26 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
Check out our article on the topic for more copper uses.
How to invest in copper?
Investors can invest in copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.
For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.
How to invest in a copper ETF?
Copper exchange-traded funds (ETFs) focused on mining companies can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers.
There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.
In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP). This Canadian copper ETF is focused solely on pure-play and diversified copper-mining companies.
There are multiple ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return.
How is copper priced?
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.
How is copper processed?
Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.
The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.
Lastly, the copper is refined at a refining plant or smelter using one of two methods, pyrometallurgy and hydrometallurgy. Pyrometallurgy is employed for copper ore that is sulfide rich, while hydrometallurgy is used when the ore is oxide rich. The Investing News Network's guide on copper refining goes into further detail about how those processes work. Once these processes are complete, the copper is concentrated to up to 99.99 percent purity.
Where is copper mined?
Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2025, putting out 5.3 million metric tons of the metal. Other major top copper producers are the Democratic Republic of Congo with 3.2 million metric tons, Peru with 2.7 million metric tons and China with 1.8 million metric tons.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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