Copper stocks have been in the limelight in recent years and copper has been one of the hottest commodities on the street.
In 2022, copper prices rose to all-time highs, driven by a combination of supply chain disruptions, strong demand from emerging markets, and a shift towards green energy.
Fast forward to 2023, the demand for copper will continue to rise, making copper stocks an attractive investment opportunity.
According to ReportLinker, the global copper market size was last valued at $170.60 billion in 2022. It is projected to reach $298.40 billion by 2030, growing at a CAGR of 7.2% from 2022 to 2030 (Report Linker, 2023).
With this potential growth in mind, it is essential to identify the best copper stocks to buy in 2023.
Below, we will present the 7 Best Copper Stocks to Buy in 2023!
7 Best Copper Stocks to Buy for 2023
- Freeport-McMoRan
- Southern Copper Corporation
- BHP Group Limited
- First Quantum Minerals
- Copper Mountain Mining Corporation
- Lundin Mining Corporation
- Rio Tinto
1. Freeport-McMoRan (NYSE: FCX)
- Ticker: FCX
- Dividend Yield: 1.59%
- Market Cap: $53.93 Billion
Freeport-McMoRan is one of the world’s largest copper producers, with mines in North and South America, as well as Indonesia.
The market capitalization stands at over $50 billion and is expected to continue its strong performance in 2023.
Freeport-McMoRan’s earnings have been steadily increasing, and the company is well-positioned to take advantage of rising copper prices.
In addition, the company’s investments in renewable energy and sustainable practices make it an attractive option for socially responsible investors.
2. Southern Copper Corporation (NYSE: SCCO)
- Ticker: SCCO
- Dividend Yield: 4.55%
- Market Cap: $59.39 Billion
Southern Copper Corporation is a copper mining company with mines in Mexico and Peru.
The company has a market capitalization of over $50 billion and has been steadily increasing its copper production over the past few years.
In addition, Southern Copper Corporation has a solid balance sheet and is well-positioned to capitalize on rising copper prices in 2023.
3. BHP Group (NYSE: BHP)
- Ticker: BHP
- Dividend Yield: 9.04%
- Market Cap: $209.53 Billion
BHP Group is another large copper producer with mines located primarily in Australia and South America.
The company has a market capitalization of over $200 billion and is well-diversified across multiple commodities, including copper, iron ore, and coal.
BHP’s strong financials and diversified portfolio make it a solid choice for investors looking for exposure to the copper market.
4. First Quantum Minerals (TSE: FM.TO)
- Ticker: FM.TO
- Dividend Yield: 0.85%
- Market Cap: $23.53 Billion
First Quantum Minerals is a Canadian copper mining company with a market capitalization of over $11 billion.
The company has a significant presence in the copper market, with mines located primarily in Zambia and Panama.
First Quantum Minerals has a strong financial position and a history of consistent dividend payments, making it an attractive option for income-seeking investors.
5. Copper Mountain Mining Corporation (TSE: CMMC.TO)
- Ticker: CMMC.TO
- Dividend Yield: N/A
- Market Cap: $548.82 Million
Copper Mountain Mining Corporation (CMMC) Copper Mountain Mining Corporation is a Canadian mining company with a primary focus on copper.
The company operates the Copper Mountain Mine in British Columbia, Canada, and has a market capitalization of over $500 million.
Copper Mountain Mining Corporation has a strong balance sheet and a solid growth strategy, making it an attractive option for investors looking for exposure to the copper market.
6. Lundin Mining Corporation (TSE: LUN.TO)
- Ticker: LUN.TO
- Dividend Yield: 3.43%
- Market Cap: $8.11 Billion
Lundin Mining Corporation is a Canadian-based mining company that specializes in the exploration, development, and production of base metals such as copper, nickel, and zinc.
Founded in 1994, the company has operations in Canada, the United States, and Europe. Lundin Mining is a publicly traded company, listed on both the Toronto Stock Exchange (TSE) and the Nasdaq Stockholm exchange.
Lundin Mining’s primary focus is on copper, with copper accounting for around 50% of the company’s total revenue.
The company is currently investing in the expansion of the Candelaria Mine in Chile, which is expected to increase copper production by approximately 20% by 2023.
7. Rio Tinto (NYSE: RIO)
- Ticker: RIO
- Dividend Yield: 7.79%
- Market Cap: $101.12 Billion
Rio Tinto is a global mining company with a market capitalization of over $100 billion.
The company has a significant presence in the copper market, with mines in North and South America, as well as Mongolia and Indonesia.
Rio Tinto’s strong financials and commitment to sustainable mining practices make it an attractive investment option for 2023.
Future of Copper Stocks: Final Takeaway
Copper stocks are a promising investment opportunity for 2023, as the demand for copper continues to rise due to its vital role in various industries.
The top seven copper stocks to buy in 2023, as highlighted in this article, are Freeport-McMoRan, Southern Copper Corporation, BHP Group, First Quantum Minerals, Copper Mountain Mining Corporation, Lundin Mining Corporation, and Rio Tinto.
These companies have strong financials, growth prospects, and a significant presence in the copper market.
However, it is essential to conduct thorough research and analysis before making any investment decisions to ensure that they align with your investment goals and overall risk tolerance.
Disclosure: The author holds no position mentioned in this article. Freedom Stocks has a disclosure policy.
