Why are Sandfire, Capstone and BHP shares jumping in Wednesday’s sinking market?

Sandfire Resources Ltd (ASX: SFR), Capstone Copper Corp (ASX: CSC), and BHP Group Ltd (ASX: BHP) shares are shaking off the broader market malaise today and charging higher.

As we head into the Wednesday lunch hour, the S&P/ASX 200 Index (ASX: XJO) is down 0.3%.

Here’s how these three ASX 200 mining giants are tracking at this same time:

• Capstone Copper shares are up 4.5% at $13.84 each
• Sandfire shares are up 6.0% at $20.24 each
• BHP shares are up 2.8% at $61.42 each

Any guesses what links these three stocks together?

If you said they’re all ASX copper shares, go to the head of the virtual class.

And, as you can likely guess by their surging shares today, global copper prices are heating up.

Sandfire, Capstone, and BHP shares lift on copper surge

The red metal gained 1.4% overnight to currently be trading for US$14,021. This sees the copper price up more than 47% in 12 months and trading right near its all-time highs.

Now, while Sandfire Resources and Capstone Copper are both fairly pure play copper stocks, BHP is a relative new comer to the ASX 200 copper stock list.

However, in the first half of the 2026 financial year, surging copper prices and increased production offered a big boost to BHP shares. Indeed, H1 FY 2026 marked the first time that, at US$8 billion, copper drove more than 50% of BHP’s earnings, surpassing iron ore.

For the full 2026 financial year, BHP expects copper production to come in at the higher end of its guidance of between 1.9 million to 2.0 million tonnes.

And, with BHP stock charging higher this past month while Commonwealth Bank of Australia (ASX: CBA) shares have gone in retreat, BHP’s crown as the biggest company on the ASX is looking more securely in place.

BHP currently has a market cap of some $312.6 billion, compared to a market cap of $260.9 billion for CBA shares.

What’s driving the copper price higher?

You may have heard of copper referred to as ‘Dr Copper’, for the red metal’s close links to the global economy.

If that link is in play today, then the near record copper prices we’re seeing portend ongoing economic growth.

Among the reasons copper, and by correlation Sandfire, Capstone, and BHP shares, are enjoying another lift today is a reported rebound in demand from China. This comes as global supply growth remains tight.

The world’s push towards electrification and the fast-rising demand from copper hungry AI-enabled data centres is also supporting copper’s bull run.

Commenting on the surging copper price, Ewa Manthey, commodity strategist at ING Group, said (quoted by The Australian Financial Review):

Breaking above US$14,000 highlights how tight the copper market has become. Low inventories outside the US and ongoing supply constraints are leaving prices highly sensitive to any incremental demand.

The post Why are Sandfire, Capstone and BHP shares jumping in Wednesday’s sinking market? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.