{
  "id": 554467,
  "title": "Copper price rally: which miners still have room to run?",
  "url": "https://urgent.news/2026/08/11/copper-price-rally-which-miners-still-have-room-to-run",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-11T10:00:49.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/copper-price-rally-which-miners-still-have-room-to-run/"
  },
  "original_language": "en",
  "account": "Copper futures are currently trading at $6.62 per pound, marking a 49.1% increase over the past year and nearly 3.6% below their all-time high of $6.87. The copper mining sector has also experienced significant gains, with the Global X Copper Miners ETF (COPX) up 96.7% year-to-date. However, as the rally nears its peak, investors are questioning which miners still have room to grow versus those that have fully priced in the copper supercycle.\n\nCopper prices are being driven by the global shift toward electrification, with demand surging for EVs, data centers, grid infrastructure, and AI-related projects. This surge in demand for copper is evident in the 16.3% year-to-date gain in copper futures, along with a 5.4% one-month return. Despite this bullish momentum, the question remains: which mining stocks have room to grow, and which have already incorporated the supercycle into their valuations?\n\nAmong the copper miners, some present a more compelling investment case than others. Teck Resources (TECK) stands out as the most attractive opportunity, boasting the cheapest valuation metrics among major copper producers. With a forward P/E ratio of just 14.6x and an EV/EBITDA of 7.5x, it offers a margin of safety that sets it apart from its peers. Additionally, TECK's strong balance sheet, characterized by a low debt-to-equity ratio of 35.5% and a healthy free cash flow yield of 4.2%, further enhances its appeal. The company's recent focus on copper, following the sale of its steelmaking coal business, positions it well to capitalize on the copper price rally.\n\nAnother potential play is Glencore (GLEN), which presents a deep-value opportunity. With a forward P/E ratio of 12.5x and an EV/EBITDA of 9.0x, Glencore offers the lowest valuation multiples among its competitors. However, the company's substantial debt burden, with a debt-to-equity ratio of 108.5%, and negative free cash flow present notable risks. Despite these drawbacks, Glencore's massive scale and diversification across various mining operations make it an intriguing bet on the broader copper trend.\n\nOn the quality and premium side, Southern Copper (SCCO) emerges as the leading name in the sector. With an impressive 50.1% return on equity (ROE), SCCO holds the world's largest copper reserves, positioning it as the highest-quality pure-play copper miner. However, the company's valuation has already fully accounted for the copper supercycle, trading at a forward P/E of 29.5x. This high valuation leaves little room for upside, making SCCO more of a \"buy and hold\" investment rather than a value entry point.\n\nSimilarly, Freeport-McMoRan (FCX), the largest U.S.-listed copper miner, also trades at a premium valuation. With a forward P/E of 34.5x and a significant discount to its fair value of -14.7%, FCX's copper rally has likely been priced in. While it remains an excellent mining operator, the market seems to have discounted the potential upside from the ongoing copper price rally.\n\nFor investors seeking diversified exposure to the copper mining sector without the risks associated with single-stock ownership, the Global X Copper Miners ETF (COPX) offers a compelling solution. COPX provides exposure to 44 copper miners, including top positions in Hudbay Minerals (HBM), Teck Resources (TECK), BHP, First Quantum (FM), and Southern Copper (SCCO). Trading at a forward P/E of 14.2x and offering a modest 2.2% dividend yield, COPX presents a more affordable entry point compared to individual miners. However, its beta of 2.06 suggests that the ETF's performance will closely mirror the movements of copper prices, amplifying both gains and losses.",
  "summary": "Copper futures sit at $6.62/lb — up 49.1% over the past year and trading just 3.6% below their all-time high of $6.87. The copper miners have also seen notable gains: the Global X Copper Miners ETF (COPX) is up 96.7% YoY. But after such a substantial run, the real question is which stocks still have ...",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}