How are ASX copper shares performing after Monday’s surge?

The S&P/ASX 200 Materials Index is climbing 0.29% today. But what happened to ASX copper shares following yesterday’s explosion?

Copper shares on the market include Oz Minerals Limited (ASX: OZL),  Sandfire Resources Ltd (ASX: SFR), Copper Mountain Mining Corporation (ASX: C6C) and 29Metals Ltd (ASX: 29M).

So how are ASX copper shares performing today?

What’s going on?

Oz Minerals shares have lifted 1% today, while Copper Mountain shares have fallen 3%. Meanwhile, Sandfire Resources shares have dropped 0.62% and 29Metals shares have leapt 0.57%.

The copper price is down 0.4% at the time of writing, trading economics data shows. In the past month, the copper price has lifted 4% but it has fallen nearly 18% in a year.

This follows ASX copper shares exploding yesterday after Oz Minerals rejected a takeover bid from BHP Group Ltd (ASX: BHP). Data out of China also showed copper imports had surged in July compared to the same time last year.

Oz Minerals highlighted it had a unique set of copper and nickel assets, with long-term growth potential. Especially given the world’s tendency toward global electrification and decarbonisation.

In today’s news Commonwealth Bank of Australia (ASX: CBA) analyst Vivek Dah has warned any rebound in copper could be dependent on one major factor. He said, in comments cited by the Australian Financial Review:

If we’re talking about a rebound in copper, it’s going to be conditional on China’s COVID-zero policy being reversed, and we really only see a possibility of that after the National Congress in November after Xi Jinping is voted in for his next term.

Share price snapshot

The Sandfire share price has shed near 25% in the past year, while the Copper Mountain share price has plummeted nearly 40%. Meanwhile, Oz Minerals shares have leapt 14% and 29Metals has lost 29%.

For comparison, the ASX 200 Materials Index has fallen 10% in the past year.

The post How are ASX copper shares performing after Monday’s surge? appeared first on The Motley Fool Australia.

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More reading

• What’s so good about copper anyway?
• What could another acquisition mean for BHP shares?
• OZ Minerals ‘completely in play’: Broker on BHP takeover bid
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Monica O’Shea 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.

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