Copper

Grids, transformers, data centres and EVs all draw on copper. New mines take a decade or more; grades are falling.

Mine→Concentrate→Smelter→Cathode

Tightness score ⓘ

#18 of 56

▲ Tightening

Supply concentration3

Lead time5

Capex intensity5

Geopolitical exposure4

Pricing power4

Lead time

10–15 yr (mines)

Theme 1M

−12.0%

% in uptrend

Metric to watch

LME/COMEX copper, concentrate treatment charges, and mine disruption news.

What would prove us wrong

Weakens if demand forecasts for grids and data centres fall while mine supply surprises up.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
FCX Freeport-McMoRan	Large copper producer	NYSE US	$62.47	−5.55%	−9.6%	−1.6%	+24.1%	−21.7%	2027-01-21
SCCO Southern Copper	Large copper reserves	NYSE US/Peru	$177.5	−7.42%	−10.9%	−2.8%	+29.5%	−19.2%	2026-10-22
TECK Teck Resources	Copper growth projects	NYSE Canada	$60.61	−4.88%	−7.1%	+0.8%	+27.1%	−15.7%	2026-10-29
IVN.TO Ivanhoe Mines	High-grade Kamoa-Kakula copper	TSX Canada/DRC	C$9.04	−3.93%	−22.7%	−14.5%	−42.1%	−51.9%	2026-11-03
ANTO.L Antofagasta	Chilean copper producer	LSE Chile	3,126.0p	−4.52%	−15.3%	−15.0%	−4.7%	−29.8%	—
BHP BHP Group	Largest copper miner by resources	NYSE Australia	$79.16	−3.25%	−6.5%	−3.1%	+36.6%	−18.0%	—

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