3 Copper Stocks Ready to Shine in the Next Metal Supercycle

Key Points

• Copper prices are up 27% in 2025, supported by AI-driven infrastructure, electric grid upgrades, and renewable energy demand, signaling a potential long-term super cycle.
• Supply constraints in Chile and Peru are tightening the global copper market, creating a bullish setup for select mining and materials stocks.
• Freeport-McMoRan, Southern Copper, and the Global X Copper Miners ETF offer investors different ways to gain exposure to rising copper prices and the next phase of industrial growth.

It’s not exactly a gold rush, but copper is quietly up about 27% in 2025. That’s not even close to the runup in gold or silver, but it’s still notable. The industrial metal is frequently referred to as “Dr. Copper” because the price of copper often predicts the health of the world’s economy.

That’s why copper has had volatile swings in the past 20 years. In the 2010s, copper’s fortunes were largely tied to infrastructure in China. However, in 2025, that story is being told on American soil. Support for copper prices comes from:

• The AI revolution and the need for data centers and the electricity to power them

• The need to upgrade the country’s existing electric grid

• The ongoing demand for renewable energy solutions, including electric vehicles

That’s only a partial list, and although the focus is largely on the United States, there is a global case for copper.

But there’s also a supply issue. Chile and Peru are two of the leading sources of copper, but both countries have experienced supply disruptions. Furthermore, there aren’t enough significant new mining operations to keep up with the anticipated demand.

For investors, rising demand with supply constraints is a bullish sign that could mean the sector is at the beginning of a super cycle that could push the spot price of copper to $6 or higher for an extended period. Here are three basic materials stocks that are well-positioned for such a bull case.

Freeport-McMoRan: A Global Leader Facing Short-Term Disruption

Any discussion of copper stocks to buy must include Freeport-McMoRan Inc. NYSE: FCX. The company is one of the world’s largest publicly traded copper producers and supplies approximately 70% of all the domestically refined copper in the United States.

Although copper is its main source of mining revenue, Freeport-McMoRan also mines gold, which adds to its allure as gold demand is at record levels.

However, the company has faced significant disruption at some of its key operations in 2025 that has caused the company to scale back its full-year production estimates.

FCX stock is up just 13% in 2025, but it’s still trading about 6% below the analysts’ consensus price. But if recent upgrades accurately state the bull case, the consensus price may be far too low, which suggests that the stock could be part of a catch-up trade.

Southern Copper: Strong Gains, But a Valuation Reset May Loom

Year-to-date growth is not a concern for Southern Copper Corporation NYSE: SCCO, one of the other large miners in this space. However, the stock is up 43% in 2025, and many analysts believe that a significant correction is overdue.

The bearish sentiment has to do with logistics more than copper fundamentals. With the current run-up, SCCO stock now trades around 29x earnings, a significant premium to its historical average of around 16x earnings.

The core issue comes down to the company’s operational footprint, which is mostly in Peru and Mexico, two countries that present significant regulatory concerns. The company’s production will be limited to these locations, which puts a ceiling on near-term growth.

The consensus price target for SCCO stock is around $109 per share. That would be a dip of around 15% from the stock’s closing price on October 9. However, an entry point in the stock would look more attractive at that price and with a lower valuation.

Global X Copper Miners ETF: A Diversified Play on the Metal Boom

Many investors want exposure to mining and metals, but may not want to be stock pickers. That makes the Global X Copper Miners ETF NYSEARCA: COPX an attractive choice.

The name may be a little misleading. As of October, only about 17% of the fund’s holdings were dedicated to copper. That's likely a rotation play as 54% of the fund’s holdings are in precious metals. It also explains why the COPX fund is up more than 65% in 2025.

However, if copper follows the price of gold higher in the fall, the fund will have further to run.

In addition to its copper exposure, about 20% of the holdings are in diversified miners, such as Freeport-McMoRan and Southern Copper which are two of the fund’s top three holdings.