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Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to announce that a diamond drill rig has mobilised to Whim Creek to commence drilling at the Evelyn deposit, targeting high-grade copper mineralisation. Evelyn is located approximately 25km south of Whim Creek (Figure 1). Anax has an 80%joint venture interest in the Whim Creek Project, with Develop Global Limited (ASX: DVP) holding the remaining 20%.
- Diamond rig mobilised to Evelyn, targeting high-grade copper mineralisation
- First drilling at Evelyn since 2022 when RC hole 22AER005B intersected 13m @ 4.46% Cu, 3.10% Zn, 1.61 g/t Au and 45 g/t Ag1
- Programme to test for down-plunge extensions and increased drill density
- Up to 1,700m of extensional and resource drilling planned
Anax’s Managing Director, Geoff Laing, commented “We continue to focus on project growth through the planned extension drilling at our high-grade Evelyn deposit in parallel to the Pilbara consolidation program. Our strategy remains to position Anax to become a significant copper producer and key player in consolidating base metal production in the Pilbara.”
Figure 1: Whim Creek Project location
In mid-2022, the Company drilled two RC holes at Evelyn. The initial hole was abandoned due to excessive deviation and despite also experiencing substantial deviation, the second hole, 22AER005B, intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204m (Figure 2).1
Figure 2: Massive sulphide mineralisation (dark samples) intersected within 22AER005B
The primary purpose of the programme will be to test for down-plunge extensions of high-grade copper below 22AER005B with a further two holes planned to increase drill density in the vicinity, which may allow for conversion from Inferred to Indicated Resources.
Diamond drilling will be used due to the excessive deviation experienced in the previous RC programme. The core holes will undergo geotechnical logging which will add to the existing geotechnical database and increase confidence in the geotechnical assessment. Mineralised intersections will also be retained for metallurgical variability testing.
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This article includes content from Anax Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Anax Metals Limited
Investor Insight
Anax Metals, an ASX-listed exploration company, is dedicated to advancing its copper assets in Western Australia’s Pilbara region. Through key joint ventures and strategic partnerships, the company is well-positioned to develop a central processing hub, enhancing operational efficiency and delivering strong investor value.
Overview
Anax Metals (ASX:ANX) is a project developer that is on track to begin producing copper and zinc concentrates from its flagship Whim Creek project in the Pilbara region of Western Australia. The project is 80 percent owned by Anax, with JV partner Develop Global (Develop) owning the remaining 20 percent. The Whim Creek DFS (and leaching study) have demonstrated the opportunity for an eight-year mining operation producing copper concentrates, cathodes and valuable byproducts. The operation will generate $410 million in cash flow and deliver an NPV of $270 million with a development capex of $71 million.
The company believes its growth potential lies both in expanding the mineral resources across the project’s four deposits and in a consolidation strategy that includes a processing hub with a concentrator and heap leach at Whim Creek. Benefits from the consolidation include delivering economies of scale with processing flexibility to treat ores from regional orebodies. The permitted infrastructure is ideally located and suited to becoming the Pilbara-processing hub.
Anax Metals and GreenTech Metals signed a non-binding and non-exclusive memorandum of understanding to assess the potential to treat mined material from GreenTech’s base metal assets, with a focus on the open-pittable Whundo deposit.
Anax Metals also signed a non-binding and non-exclusive memorandum of understanding (MoU) with Artemis Resources (ASX:ARV) to jointly assess the potential for processing the copper content of Artemis’ open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub. Anax and Artemis also agree to evaluate the potential for Artemis to explore for gold mineralisation on the Anax project tenure.
Company Highlights
- Anax Metals focuses on delivering copper production at the Whim Creek copper-zinc project within the next 18 to 24 months, targeting over $400 million in free cash flow across an eight-year mine life.
- The company aims to drive resource expansion and consolidate copper assets in the Pilbara region by developing a central processing hub.
- Since completing the DFS last year, Anax Metals has been evaluating opportunities to increase Whim Creek’s production capacity beyond 20 kt of copper equivalent per year.
- Capital requirements are expected to remain low, with plans to leverage existing infrastructure and deploy preconcentration technology to optimize processing capacity..
- Anax Metals actively collaborates with key partners, including Develop Global (ASX:DVP), Greentech Metals (ASX:GRE), and several metal trading groups.
Key Projects
Whim Creek Copper-Zinc Project
Whim Creek is strategically located along the NW Coastal Highway in Western Australia’s Pilbara region, approximately 120 km from both Port Hedland and Karratha. With a long history of copper production, the project benefits from existing infrastructure, including dams, haul roads, offices, workshops, and a dedicated gas spur line. Currently being developed as an 80/20 joint venture between Anax Metals and Develop Global, Whim Creek hosts four key deposits—Whim Creek, Mons Cupri, Salt Creek, and Evelyn. These deposits feature structurally controlled, volcanic-hosted massive sulphide copper-zinc-lead mineralization, presenting significant development potential.
On-going exploration work at Evelyn resulted in discovering exciting new targets for future drilling campaigns scheduled in early 2025. Exploration works conducted in 2024 indicated high copper grades and new soil anomalies. The company is assessing the regional potential of the granted Evelyn Mining Lease for further high-grade VMS-type, polymetallic base metal deposits.
Anax Metals announced its recent application for an exploration license (E47/5275) covering 65 sub-blocks spanning approximately 207 sq. km, which extends the company’s landholding to the south and west of the Whim Creek joint venture tenement package. Once granted, the new tenement will be 100 percent owned by Anax. The majority of E47/5275 lies within the Whim Creek Greenstone Belt, which is highly prospective for volcanogenic massive sulphide (VMS) mineralization, similar to the Whim Creek and Mons Cupri deposits.
Production – Concentrator and Heap Leach
Since completing the definitive feasibility study in 2023, Anax has promoted Whim Creek as a regional processing hub, with potential for an expanded production capacity over 20 kt copper equivalent. Highlights of the technical report include FCF generation of $410 million over an eight-year mine life. Processing would be predominantly through the planned concentrator. Heap leaching is anticipated to begin in the second year of production.
Anax has achieved significant success with bioleaching technology, reporting up to 80 percent copper and 90 percent zinc extraction rates. This innovative approach enhances metal recovery and supports the company’s commitment to sustainable practices.
A processing hub with sorting, concentrator and heap leach facilities
The company believes the project will also provide a processing solution for surrounding projects located within trucking distance of Anax’s processing facility. In the long term, Anax plans to establish a Pilbara Base Metal Alliance to facilitate collaboration with other base metal projects in the region.
Management Team
Phillip Jackson - Chairman
Phillip Jackson is a barrister and solicitor with significant legal and international corporate experience, Phillip Jackson specialises in commercial and contract law, mining and energy law and corporate governance. He has been a director and chairman of a number of ASX and AIM listed minerals companies.
Geoff Laing - Managing Director
Geoff Laing is a chemical engineer with 30 years in mining and project development. He has been involved in the exploration and junior mining sector for the last 15 years, taking on corporate and advisory roles. He was a key player in Exco Resources’ divestment of a substantial copper asset for $175 million to Xstrata Copper, and as managing director, he delivered the successful takeover of the company by WH Sol Pattinson.
Peter Cordin - Non-executive Director
Peter Cordin is a civil engineer with over 45 years' global experience in mining and exploration, both at operational and senior management levels. He has direct experience in the construction and management of diamond and gold operations in Australia, Fenno-Scandinavia and Indonesia.
Phil Warren - Non-executive Director
Phil Warren is a chartered accountant with over 25 years’ experience in board governance, corporate advisory and capital raising advice. Warren has spent a number of years working overseas for major international investment banks. He is currently a non-executive director of ASX listed companies, including Family Zone Cyber Safety, Narryer Metals, Killi Resource and Rent.com.au. He was a founding director of Cassini Resources, which was subsequently acquired by Oz Minerals.
Jenine Owen - Chief Financial Officer
Jenine Owen joined Anax in 2020, where she is responsible for corporate risk management, financial management and financial reporting. She is a chartered accountant with extensive finance and commercial experience, including several CFO roles in ASX listed entities. Having started her career with Deloitte (Zimbabwe) in the external assurance division, she moved to London in 1999 where she held various finance and governance roles before settling in Australia in 2008. Prior to joining Anax, Owen was CFO at Predictive Discovery (ASX:PDI).
Andrew Mcdonald - General Manager
Andrew McDonald is a seasoned geologist with over 20 years of experience in project management, development, resource geology, and exploration across a wide range of commodities. He has held roles with several ASX-listed mining companies, where he has led project development and managed regulatory approvals for mining projects in both Australia and the United States.
Dan O’Hara – Environmental Manager
Dan O’Hara is an experienced environmental professional with over 15 years in environmental management across the mining, oil and gas, construction, and government sectors. In recent years, he has played a key role in securing environmental permits for mining projects in Western Australia.
Near-term copper producer targeting resource growth and a regional consolidation strategy
Empire Metals Limited Announces Drilling Outlines Large, High-Grade Zone
- Selected exceptional intercepts (>6% TiO2), include:
- 44m @ 7.87% TiO2 from surface (AC25TOM159)
- 50m @ 7.84% TiO2 from 4m (AC25TOM130)
- 54m @ 7.41% TiO2 from surface (AC25TOM118)
- 98m @ 7.05% TiO2 from 2m (RC25TOM062)
- 98m @ 7.05% TiO2 from 2m (RC25TOM068)
- Large, high-grade central core identified averaging circa 6% TiO2 across a continuous 3.6km strike length
- Nearly two thirds of all drillholes averaged > 4% TiO2, with over 90% exceeding a 2% cut-off.
Shaun Bunn, Managing Director, said:"These results confirm the exceptional scale and grade of titanium mineralisation at Thomas. The continuity of high-grade mineralisation near surface is particularly exciting for future mine development. With assays received ahead of schedule, we can now accelerate resource modelling and move rapidly towards announcing our maiden MRE."
MRE Drilling Programme - Key Results
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres (refer Figure 1) comprising:
- 17 Diamond drill holes for 2,704 m
- 140 Reverse Circulation (RC) drill holes for 18,764 m
- 225 Air Core (AC) drill holes for 10,797 m.
The latest May-June campaign comprised:
- 140 AC drillholes (6,360m) on a 400 x 200m grid, average depth 45.4m
- 40 RC drillholes (3,776m) within the AC grid, average depth 94.4m
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. The analytical assay results have now been received, showing continuous TiO2-rich mineralisation across the overall drillhole grid, which extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
The drilling has confirmed the presence of a large, high-grade central core at the Thomas prospect, this target being selected as the basis for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation known to be hosted within the broad, in-situ weathered zone. Whilst over 90% of all drillhole sample assays show mineralisation well above a 2% TiO2 cut-off grade this central high-grade core, extends over 3.6km north-south, averages around 6% TiO2 (refer Table 1).
Table 1. Breakdown of drillhole assay results by average grade of drillhole and percentage of total drilling.
Significant analytical assay results for each drillhole above 6% TiO2 are reported in Table 2 further below.
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
Strategic Significance
The May-June campaign marked a major milestone in the development of Pitfield, laying the foundation for a globally significant MRE and enabling the identification of near-surface, high grade zones to support the development of mine planning and ore scheduling as part of upcoming economic evaluation studies.
Table 2. Significant Intercepts above 6% TiO2.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is a Tier 1 mining jurisdiction, with mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 3).
Figure 3. Pitfield Project Location showing theMid-West Region Infrastructure and Services
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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What Was the Highest Price for Copper?
Why is copper so expensive in 2025? Higher copper prices over the past few years have largely been attributed to a widening supply/demand gap. The already tenuous copper supply picture was made worse by COVID-19 lockdowns, and as the world's largest economies seemingly began to emerge from the pandemic, demand for the metal picked up once again. Copper mining and refining activities simply haven’t kept up with the rebound in economic activity.
Now, global copper mine supply is tightening at a time when US President Donald Trump's tariffs are placing further strains on copper supply. In response, a new copper all time high was reached in July 2025. But what was the highest price for copper? The Investing News Network (INN) will answer that question, but first let’s take a deeper look at what factors drove the price of copper higher, as well as historical movements in the price of copper.
In this article
What key factors drive the price of copper?
Robust demand has long been one of the strongest factors driving copper prices. The ever-growing number of copper uses in everyday life — from building construction and electrical grids to electronic products and home appliances — make it the world’s third most-consumed metal.
Copper’s anti-corrosive and highly conductive properties are why it’s the go-to metal for the construction industry, and it's used in products such as copper pipes and copper wiring. In fact, construction is responsible for nearly half of global copper consumption. Rising demand for new homes and home renovations in both Asian and Western economies is expected to support copper prices in the long term.
In recent decades, copper price spikes have been strongly tied to rising demand from China as the economic powerhouse injects government-backed funding into new housing and infrastructure. Industrial production and construction activity in the Asian nation have been like rocket fuel for copper prices.
Additionally, copper’s conductive properties are increasingly being sought after for use in renewable energy applications, including thermal, hydro, wind and solar energy.
However, the biggest driver of copper consumption in the renewable energy sector is rising global demand for electric vehicles (EVs), EV charging infrastructure and energy storage applications. As governments push forward with transportation network electrification and energy storage initiatives as a means to combat climate change, copper demand from this segment is expected to surge.
New energy vehicles use significantly more copper than internal combustion engine vehicles, which only contain about 22 kilograms of copper. In comparison, hybrid EVs use an average of 40 kilograms, plug-in hybrid EVs use 55 kilograms, battery EVs use 80 kilograms and battery electric buses use 253 kilograms.
In 2024, EV sales worldwide increased by 25 percent over 2023 to come in at about 17.1 million units, and analysts at Rho Motion expect that trend to continue in the coming years despite some headwinds in the near-term. Already in the first five months of 2025, EV sales were up 28 percent over the same period in the previous year.
On the supply side of the copper market, the world’s largest copper mines are facing depleting high-grade copper resources, while over the last decade or more new copper discoveries have become few and far between.
The pandemic made the situation worse as mining activities in several top copper-producing countries faced work stoppages and copper companies delayed investments in further exploration and development — a challenging problem considering it can take as many as 10 to 20 years to move a project from discovery to production. In addition, delayed investments amid the pandemic will also have long-term repercussions for copper supply.
There have also been ongoing production issues at major copper mines, most notably the shutdown in late 2023 of First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine, which accounted for about 350,000 MT of the world's annual copper production.
The International Energy Agency (IEA) is forecasting a 30 percent shortfall in the amount of copper needed to meet demand by 2035. “This will be a major challenge. It’s time to sound the alarm,” IEA Executive Director Fatih Birol said.
The supply shortage has increased the need for end users to turn to the copper scrap market to make up for the supply shortage. Sometimes referred to as “the world’s largest copper mine,” recycled copper scrap contributes significantly to supplying and balancing the copper market.
Eleni Joannides, Wood Mackenzie's research director for copper, told INN by email at the end of Q4 2024 that there is recognition of the underinvestment in copper exploration, but she sees a new dawn emerging for the sector.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she said. "Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."
Joannides offered some examples of greenfield projects in the pipeline: Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zafranal in Peru.
How has the copper price moved historically?
Taking a look back at historical price action, the copper price has had a wild ride for more than two decades.
Sitting at US$1.38 per pound in late January 2005, the copper price followed global economic growth up to a high of US$3.91 in April 2008. Of course, the global economic crisis of 2008 soon led to a copper crash that left the metal at only US$1.29 by the end of year.
Once the global economy began to recover in 2011, copper prices posted a new record high of US$4.58 per pound at the start of the year. However, this high was short-lived as the copper price began a five year downward trend, bottoming out at around US$1.95 in early 2016.
Copper prices stayed fairly flat over the next four years, moving in a range of US$2.50 to US$3 per pound.
20 year copper price performance.
Chart via Macrotrends.
The pandemic’s impact on mine supply and refined copper in 2020 pushed prices higher despite the economic slowdown. The copper price climbed from a low of US$2.17 in March to close out the year at US$3.52.
In 2021, signs of economic recovery and supercharged interest in EVs and renewable energy pushed the price of copper to rally higher and higher. Copper topped US$4.90 per pound for the first time ever on May 10, 2021, before falling back to close at US$4.76.
Also affecting the copper price at that time was expectations for higher copper demand amid supply concerns out of two of the world’s major copper producers: Chile and Peru. In late April 2021, port workers in Chile called for a strike, while in Peru presidential candidate Pedro Castillo proposed nationalizing mining and redrafting the country’s constitution.
In early May 2021, news broke that copper inventories were at their lowest point in 15 years. Expert market watchers such as Bank of America commodity strategist Michael Widmer warned that further inventory declines into 2022 could lead to a copper market deficit.
After climbing to start 2022 at US$4.52, the copper price continued to spike on economic recovery expectations and supply shortages to reach US$5.02 per pound on March 6. Throughout the first quarter, fears of supply chain disruptions and historically low stockpiles amid rising copper demand drove prices higher.
However, copper prices pulled back in mid-2022 on worries that further COVID-19 lockdowns in China, as well as a growing mortgage crisis, would slow down construction and infrastructure activity in the Asian nation. Rising inflation and interest hikes by the Fed also placed downward pressure on a wide basket of commodities, including copper. By late July 2022, copper prices were trading down at nearly a two year low of around US$3.30.
In the early months of 2023 the copper price was trading over the US$4 per pound level after receiving a helpful boost from continuing concerns about low copper inventories, signs of rebounding demand from China, and news about the closure of Peru's Las Bambas mine, which accounts for 2 percent of global copper production.
However, that boost turned to a bust in the second half of 2023 as China continued to experience real estate sector issues, alongside the economic woes of the rest of the world. The price of copper dropped to a low for the year of US$3.56 per pound in mid October.
Elevated supply levels kept copper trading in the US$3.50 to US$3.80 range for much of Q1 2024 before experiencing strong gains that pushed the price of the red metal to US$4.12 on March 18.
Those gains were attributed to in part to tighter copper concentrate supply following the closure of First Quantum Minerals' Cobre Panama mine, guidance cuts from Anglo American (LSE:AAL,OTCQX:AAUKF) and declining production at Chile’s Chuquicamata mine. In addition, China’s top copper smelters announced production cuts after limited supply led to lower profits from treatment and refining charges.
BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) attempted takeover of Anglo American also stoked fears of even tighter global copper mine supply. These supply-side challenges continued to juice copper prices in Q2 2024, causing a jump of nearly 29 percent from US$4.04 per pound on April 1 to a then all-time high of US$5.20 by May 20, 2024.
What was the highest price for copper ever?
The price of copper reached its highest recorded price of US$5.959 per pound, or US$13,137.75 per metric ton, on July 24, 2025. It hit this peak during intra-day trading before closing the day at US$5.88. The red metal’s price surged more than 17 percent since the start of July to its new all time high. Read on to found out how the copper price reached those heights.
Why did the copper price hit an all-time high in 2025?
After starting 2025 at US$3.99 per pound, copper prices were lifted in Q1 by increasing demand from China’s economic stimulus measures, renewable energy and artificial intelligence (AI) technologies and stockpiling brought on by fear of US President Trump’s tariff threats.
At the time, Trump had said the US was considering placing tariffs of up to 25 percent on all copper imports in a bid to spark increased domestic production of the base metal.
In late February, he signed an executive order instructing the US Commerce Department to investigate whether imported copper poses a national security risk under Section 232 of the Trade Expansion Act of 1962. The price of copper reached a new high price of US$5.24 per pound on March 26 as tariff tensions escalated.
Trump's tariff talk sparked yet another copper price rally to set its new record high price in early July when he announced he plans to impose a 50 percent tariff on all imports of the red metal, and it moved higher towards the end of the month in anticipation of them entering effect.
However, copper's price plummeted from its heights on July 31 following the reveal that tariffs would not be imposed on imports of raw or refined copper, instead targeting semi-finished copper products.
Looking at the bigger picture, copper’s rally in recent years has encouraged bullish sentiment on prices looking ahead. In the longer term, the fundamentals for copper are expected to get tighter as demand increases from sectors such as EVs and energy storage. A May 2024 report from the International Energy Forum (IEF) projects that as many as 194 new copper mines may need to come online by 2050 to support massive demand from the global energy transition.
Looking over to renewable energy, according to the Copper Development Association, solar installations require about 5.5 MT of copper for every megawatt, while onshore wind turbines require 3.52 MT of copper and offshore wind turbines require 9.56 MT of copper.
The rise of AI technology is also bolstering the demand outlook for copper. Commodities trader Trafigura has said AI-driven data centers could add one million MT to copper demand by 2030, reports Reuters.
Where can investors look for copper opportunities?
Copper market fundamentals suggest a return to a bull market cycle for the red metal in the medium-term. The copper supply/demand imbalance also presents an investment opportunity for those interested in copper-mining stocks.
Are there any copper companies on your radar? If you’re looking for some inspiration, head on over to INN's articles on the top copper stocks on the TSX and TSXV, the biggest copper stocks on the ASX, and our list of 27 advanced US copper projects to watch.
If you're looking to diversify your portfolio with other investment options, check out copper ETFS and ETNs or copper futures contracts. Investor and author Gianni Kovacevic told INN in a December 2024 interview that one of the ways he is playing copper under Trump's second term is with copper stocks such as Coppernico Metals (TSX:COPR), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
This is an updated version of an article first published by the Investing News Network in 2021.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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