2 Copper Stocks With Substantial Upside Opportunity
Posted On Nov 21, 2025 by Chris Markoch
Copper stocks have been volatile, but the trend is higher. And there’s a simpler reason why. Strong copper demand is only expected to accelerate.
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In fact, according to BHP Insights, demand is expected to increase by approximately 70% between 2021 and 2050. This is due to infrastructure needs, power grid demand, and data centers that support artificial intelligence. In addition, as noted by the Financial Times, "The world's largest miners have been rushing to increase their exposure to high-growth copper assets as increased demand is expected to create a shortage."
With regards to artificial intelligence data centers, BHP estimates that "the copper used in data centers globally will grow six-fold by 2050 – from around half a million tonnes a year of copper today, to around 3 million tonnes a year by 2050. That uplift is roughly equivalent to the combined annual output of the world’s four largest copper mines today."
Aside from AI, growing demand will come from energy transition, the adoption of electric vehicles, the growth of the digital economy, and insufficient copper mine development. In fact, BloombergNEF says the copper industry will need an investment of up to $1.2 trillion in the next 25 years just to meet demand.
In addition, copper is experiencing historic backwardation, according to Mining.com. All thanks to falling copper inventories and potential U.S. tariffs.
The cherry on top…copper price forecasts are still rising.
According to Chile's Cochilco, it sees average copper prices in 2025 of $4.45 per pound and $4.55 per pound in 2026, both from a prior view of $4.30 per pound.
Analysts at Citi predict that copper could rally to $12,000 per metric ton over the next six to 12 months. The firm cited "unprecedented mine outages, still strong demand and supportive macro trends," as noted by Seeking Alpha.
All of which is a solid catalyst for copper stocks. Here are two picks to consider.
Copper Stocks to Buy: Freeport-McMoRan
When it comes to investing in copper stocks, Freeport McMoRan (NYSE: FCX) is a solid bet. After bottoming out at around $28 in April, FCX stock is now back to $39.60. However, with copper demand outweighing supply, we do expect FCX stock to rally even higher.
Recent earnings weren't too shabby either. EPS of 50 cents beat estimates by six cents. Revenue of $6.97 billion, up 2.7% year over year, beat by $240 million. Plus, analysts at HSBC just upgraded FCX to a buy rating with a price target of $50 per share.
According to the firm, as noted by CNBC, the "rating change and increase in the company's estimates over the next two years were due to higher metals price assumptions. These higher prices have stemmed from recent market volatility and significant supply disruptions, especially in the case of platinum and copper. Freeport-McMoRan has probable mineral reserves in copper, gold and molybdenum."
Copper Stocks to Buy: Global X Copper Miners ETF
Another top way to trade a copper rebound is with the Global X Copper Miners ETF (COPX). With an expense ratio of 0.65%, the ETF allows you to diversify with 40 copper-related holdings, including Lundin Mining, Glencore, Southern Copper, BHP Group, Freeport-McMoRan, Ero Copper, and Taseko Mines to name a few.
Since bottoming out at around $30.60 in April, the COPX ETF rallied to a high of $66.20. Now back to $57.43, we'd like to see the ETF retest its prior high again in the short term.
Copper Stocks Are a Multi-Year Play
Materials and mining stocks are notoriously cyclical in nature. That’s another reason to be bullish about this moment in time. Demand for copper is likely to be strong through the end of this decade, and perhaps beyond. With copper prices likely to accelerate, this is a good time to bet on related stocks and ETFs.
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