Copper Surges 30% YTD to Record Highs: Here Are 5 ASX Stocks Positioned for the Rally

With copper up 30% this year and supply struggling to keep pace, we break down which ASX stocks offer the best risk-reward.

Copper prices smashed through all-time highs this week, surging past US$11,400 per tonne on the London Metal Exchange. The metal has gained over 30% in 2025, driven by supply fears and unstoppable demand from electric vehicles, data centres, and grid upgrades. For ASX investors, this rally creates a clear opportunity, but not all copper stocks offer the same risk-reward.

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

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Why Copper Is Breaking Records

Copper prices are rising fast. The immediate reason is that traders suddenly saw a big drop in copper stored in LME warehouses, showing that physical supply is tight. But the longer-term story is even stronger.

On the supply side, problems are mounting:

• Indonesia’s Freeport Grasberg mine faces temporary closure
• Chile’s ageing mines are producing less copper each year
• Chinese smelters have cut output amid tight concentrate supply

Meanwhile, demand keeps accelerating. Electric vehicles use four times more copper than traditional cars. Data centres require massive copper wiring for power delivery. And governments worldwide are spending billions to modernise ageing electricity grids.
We believe this supply-demand gap will keep copper prices elevated for years, not months. That’s good news for Australian producers with the right assets.

5 ASX Copper Stocks Positioned for the Rally

Sandfire Resources (ASX: SFR) is Australia’s largest pure-play copper producer, with a market cap of A$7.2 billion. The company delivered US$1.18 billion in revenue last financial year and produced 152,000 tonnes of copper equivalent. With operations in Spain and Botswana, Sandfire offers geographic diversity that reduces risk. The stock has climbed over 40% in the past year, but we believe it remains the safest way to play copper given its scale and proven execution.

29Metals (ASX: 29M) operates two long-life copper mines, Golden Grove in Western Australia and Capricorn Copper in Queensland. With a market cap of around A$550 million, 29Metals is a mid-tier producer that offers more leverage to copper prices than Sandfire. The stock has surged over 200% from its 52-week low, reflecting improved operations. For investors comfortable with higher risk, 29Metals offers greater upside if copper stays strong.

Aeris Resources (ASX: AIS) turned its business around in impressive fashion. The company reported a net profit of A$45.2 million last financial year, a massive turnaround from previous losses. Operating the Tritton copper mine in New South Wales and the Cracow gold mine in Queensland, Aeris has nearly tripled in value over the past year. At a market cap of around A$480 million, it’s one of the best-performing copper stocks on the ASX.

Havilah Resources (ASX: HAV) jumped 31% after announcing a A$240 million deal with Sandfire to develop the Kalkaroo copper-gold project in South Australia. The project holds 100 million tonnes of ore at 0.47% copper and 0.44 g/t gold. For investors seeking exposure to development-stage projects with significant backing, Havilah offers an interesting entry point.

Hot Chili (ASX: HCH) is developing the Costa Fuego copper project in Chile, targeting 116,000 tonnes of copper production annually over a 20-year mine life. With a market cap of just A$178 million, Hot Chili is the most speculative option on this list. Recent drilling returned strong results, including 529 metres at 0.41% copper. For risk-tolerant investors, this offers the highest leverage to copper prices but also the highest risk.

The Investor’s Takeaway

We believe copper’s bull run has further to go. The energy transition isn’t slowing down, and new mine supply takes years to develop.

• Conservative investors should focus on Sandfire for its scale and track record
• Growth investors may prefer Aeris or 29Metals for their turnaround momentum
• Speculative investors can consider Havilah or Hot Chili for development-stage upside

The risk: If China’s economy slows, copper prices could drop. But with stockpiles at very low levels and supply issues growing, we see any price dips as chances to buy.