Mining momentum: 2 ASX stocks that could surprise investors this January

Mining stocks are back in the spotlight as 2026 gets underway, with strong copper prices and rising global demand driving momentum.

Copper prices have pulled back slightly from recent record highs, but they remain historically elevated. Copper is trading around US$6 per pound, up roughly 36% over the past year, according to Trading Economics. Even after the recent dip, prices are still near all-time highs.

Demand is being driven by electric vehicles, renewable energy, power grids, and the rapid expansion of data centres. With supply struggling to keep pace, many analysts believe copper could be one of the most important commodities of the next decade.

Why copper demand is accelerating

Copper is essential to electrification. It is used in EVs, charging stations, wind turbines, solar farms, batteries, and data centres. A single electric vehicle uses roughly three to four times as much copper as a traditional petrol car.

According to industry forecasts, global copper demand could rise from about 28 million tonnes today to more than 40 million tonnes by 2040. At the same time, new copper supply is limited. Large discoveries are becoming rarer, and new mines take many years and billions of dollars to develop.

That supply-demand imbalance is a key reason copper prices have surged over the past year and why many analysts expect prices to remain elevated.

Sandfire Resources Ltd (ASX: SFR)

Sandfire Resources is one of the largest copper-focused companies on the ASX. Unlike diversified miners, Sandfire offers more direct exposure to copper prices.

The company operates copper assets in Spain and Botswana and has a market capitalisation of around $8.8 billion. Sandfire shares are currently trading near $19.09, and the stock is up about 103% over the past 12 months, reflecting strong copper prices and improving investor sentiment.

Because Sandfire is more concentrated in copper, its share price can be volatile. However, that leverage can work in investors’ favour when copper prices are rising.

For investors who are bullish on copper, Sandfire provides a clear and focused way to gain exposure.

Rio Tinto Ltd (ASX: RIO)

Rio Tinto is one of the world’s largest mining companies, with operations spanning iron ore, aluminium, lithium, and copper. The company has a market capitalisation of roughly $55 billion.

Rio shares are trading around $147.20 and are up about 23% over the past year. While iron ore remains its biggest earnings driver, copper is becoming increasingly important to the business.

Rio has been expanding its copper exposure and recently secured supply agreements linked to data centre and technology infrastructure demand. The company also offers income appeal, with a dividend yield of about 4%.

For investors who want copper exposure without taking on the higher risk of a pure-play miner, Rio offers scale, diversification, and strong cash generation.

Foolish bottom line

Copper is emerging as a key commodity for the decade ahead, driven by electrification, clean energy, and growing AI infrastructure demand.

Sandfire Resources offers higher-risk, higher-reward exposure to rising copper prices, while Rio Tinto provides a more stable and diversified way to gain exposure.

For investors considering mining opportunities in early 2026, both stocks could surprise as the copper story continues to unfold.

The post Mining momentum: 2 ASX stocks that could surprise investors this January appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.