Copper prices are running hot, and investors are rushing back into ASX mining shares of late.
At the time of writing, the industrial base metal is trading around US$6.44 per pound.
That leaves copper prices up about 38% over the past year.
The move has also flowed through to ASX copper-related shares today.
BHP Group Ltd (ASX: BHP) is up 2.83% to $59.98, Rio Tinto Ltd (ASX: RIO) is 3.05% higher to $185.27, and Sandfire Resources Ltd (ASX: SFR) is in the green by 2.81% to $19.05.
Smaller copper names are also getting a lift, with 29Metals Ltd (ASX: 29M) jumping 10%.
Copper hits a record high
Copper has pushed further into record territory today.
According to Trading Economics, US copper futures climbed above US$6.40 per pound as supply concerns and stronger demand expectations lifted prices.
Copper is used in construction, power networks, EVs, industrial equipment, and data centres, linking it to several major spending trends.
Artificial intelligence (AI) is also adding another layer.
More data centres require more power infrastructure, and copper remains a key metal across wiring, motors, cooling systems, and grid connections.
Supply worries are adding fuel to the fire
While the demand outlook is only one side of the move, tight supply is also helping to push prices higher.
Copper is not a market that can quickly respond when buyers need more metal. New mines take years to develop, and existing operations can be affected by weather, accidents, delays, and processing issues.
That is why recent production concerns have received so much attention.
One example is the Grasberg mine in Indonesia, which is operated by PT Freeport Indonesia and is one of the world’s largest copper mines. The mine has been working through a slower return to full output after a fatal mudslide last year.
There are also concerns around sulphuric acid, which is used in copper processing. Reports have pointed to tighter sulphur supply linked to Middle East disruption and China’s move to restrict some exports.
ASX copper shares are in demand
For ASX investors, the most obvious names are the large miners.
BHP and Rio Tinto both have copper exposure, although they are still diversified businesses. That means copper is not the only driver of their earnings.
Sandfire gives investors more direct exposure to copper. The company has assets in Spain and Botswana, which makes its share price more sensitive to moves in the copper price.
There are also smaller companies such as 29Metals, AIC Mines Ltd (ASX: A1M), and FireFly Metals Ltd (ASX: FFM). These stocks can move more rapidly when copper rallies, but they also come with a higher risk.
The post Copper is going ballistic. Which ASX shares are riding the boom? 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 recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.