5 Best ASX Copper Stocks to Buy as Prices Hit Record Highs in 2026

ASX copper stocks in focus as supply tightness lifts prices

Copper just hit record highs, trading above US$13,300 per tonne, and this rally looks like more than a short-term spike. The world is using copper faster than miners can produce it, and J.P. Morgan expects a shortage of around 330,000 tonnes this year. For ASX investors, this creates a genuine opportunity across a handful of well-positioned stocks.

What are the Best ASX Copper Stocks to invest in right now?

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A Supply Shortage With No Quick Fix

What makes this shortage different is that demand is coming from everywhere at once. AI data centres alone could consume close to 475,000 tonnes of copper this year. On top of that, governments worldwide are spending heavily on power grids, renewable energy, and electric vehicles, all copper-hungry industries.

Meanwhile, supply is struggling. Indonesia’s giant Grasberg mine was shut down after a catastrophic mud rush in September 2025. A phased restart is scheduled for Q2 2026, with around 85% of normal output expected by the second half of this year, but full production is not expected until 2027. Older mines globally are producing lower-grade ore, and no major new deposits have been found in years. Demand is accelerating while new supply barely grows, and that imbalance is what is keeping prices elevated.

5 ASX Copper Stocks Worth Watching

BHP (ASX: BHP) is the safest way in. Copper recently overtook iron ore as BHP’s biggest earnings driver for the first time, now making up 51% of underlying EBITDA. BHP also raised its copper production guidance after record output at its flagship Escondida mine, signalling management confidence in the outlook. With massive production scale and solid dividends, BHP lets investors ride the copper wave without taking on too much risk.

Sandfire Resources (ASX: SFR) has transformed over the past year. Record production, sharply lower debt, and meaningful cost cuts across its mines in Spain and Botswana have strengthened the business considerably. The catch? The stock has already rallied over 115% since early 2025, so investors may want to wait for a pullback. While operational momentum remains high, investors should monitor a late-February temporary suspension at the MATSA operations in Spain following a fatal contractor incident; any extended disruption could provide the pullback entry point many have been waiting for.

Capstone Copper (ASX: CSC) is a growth story. Record output last year, and now an expansion at its Mantoverde mine in Chile should lift production by 40%. A labour strike in January briefly cut output to around 55%, but a new three-year union agreement was reached in early February, and full operations are now resuming. The full benefit of the expansion arrives in 2027, so this one rewards patience, but the upside to higher copper prices could be significant.

Develop Global (ASX: DVP) is bringing the Woodlawn copper-zinc mine in New South Wales up to speed, backed by a US$65 million deal with global trader Trafigura. Production is ramping nicely, and full capacity is expected early this year. A smaller name with more risk, but execution has been encouraging.

Alma Metals (ASX: ALM) is one for the speculators. Its Briggs project in Queensland sits on one of Australia’s largest undeveloped copper deposits. A feasibility study is underway, and drilling results have been promising. No revenue yet, but the sheer size of the resource gives it long-term appeal if prices stay elevated.

The Investor’s Takeaway

We believe this copper shortage is structural, not temporary. The forces driving demand, including AI infrastructure, electrification, and grid upgrades, are here to stay. That said, China still accounts for more than half of global copper consumption, and any slowdown there would weigh on prices. BHP suits conservative investors. Sandfire and Capstone offer more direct exposure with a bit more risk. Develop Global and Alma Metals are for those willing to back smaller companies for bigger potential returns. Given how far prices have already moved, building positions gradually makes more sense than going all in at once.