Top 10 Copper Stocks in ASX 2023 – is Copper the New Gold?

ByArnav Arora

As demand for copper continues to rise, investors are turning to the Australian Securities Exchange (ASX) to explore opportunities in copper mining and production. In this blog, we will be taking a closer look at the top 10 copper stocks listed on the ASX, examining their financial performance, growth prospects, and market trends.

copper stocks in asx

Some of the top copper stocks in ASX include:

  1. Sandfire Resources Limited (SFR)
  2. Oz Minerals Limited (OZL)
  3. BHP Group Limited (BHP)
  4. Rio Tinto Limited (RIO)
  5. Copper Mountain Mining Corporation (C6C)
  6. Aeris Resources Limited (AIS)
  7. Capricorn Metals Limited (CMM)
  8. MOD Resources Limited (MOD)
  9. Castillo Copper Limited (CCZ)
  10. Rex Minerals Limited (RXM)

Technical Analysis of Best Copper Stocks in ASX

Here is some information on each of the copper stocks listed above, along with a general technical analysis and predictions for each stock:

  1. Sandfire Resources Limited (SFR): Sandfire is a mid-tier Australian mining company that owns and operates the DeGrussa Copper-Gold Mine in Western Australia. Technical analysis suggests that the stock is currently in a short-term uptrend and is trading above its 50-day moving average. The stock has a 12-month price target of $7.08, which represents a potential upside of approximately 22%.
  2. Oz Minerals Limited (OZL): Oz Minerals is a copper-focused mining company with operations in South Australia. Technical analysis suggests that the stock is currently in a long-term uptrend and is trading above its 200-day moving average. The stock has a 12-month price target of $31.56, which represents a potential upside of approximately 15%.
  3. BHP Group Limited (BHP): BHP is a global mining company with operations in Australia, North and South America, and Europe. The company has exposure to copper through its Escondida mine in Chile, which is the world’s largest copper mine. Technical analysis suggests that the stock is currently in a long-term uptrend and is trading above its 200-day moving average. The stock has a 12-month price target of $55.79, which represents a potential upside of approximately 14%.
  4. Rio Tinto Limited (RIO): Rio Tinto is a global mining company with operations in Australia, North and South America, Europe, and Africa. The company has exposure to copper through its Kennecott mine in the United States and Oyu Tolgoi mine in Mongolia. Technical analysis suggests that the stock is currently in a long-term uptrend and is trading above its 200-day moving average. The stock has a 12-month price target of $141.33, which represents a potential upside of approximately 16%.
  5. Copper Mountain Mining Corporation (C6C): Copper Mountain is a Canadian mining company that owns and operates the Copper Mountain mine in British Columbia. Technical analysis suggests that the stock is currently in a short-term downtrend and is trading below its 50-day moving average. The stock has a 12-month price target of CAD 3.43, which represents a potential upside of approximately 47%.
  6. Aeris Resources Limited (AIS): Aeris Resources is an Australian mining company that owns and operates the Tritton Copper Operations in New South Wales. Technical analysis suggests that the stock is currently in a long-term downtrend and is trading below its 200-day moving average. The stock has a 12-month price target of $0.23, which represents a potential upside of approximately 10%.
  7. Capricorn Metals Limited (CMM): Capricorn Metals is an Australian mining company that is focused on gold exploration and production. The company has exposure to copper through its Karlawinda Gold-Copper Project in Western Australia. Technical analysis suggests that the stock is currently in a long-term uptrend and is trading above its 200-day moving average. The stock has a 12-month price target of $2.12, which represents a potential upside of approximately 6%.
  8. MOD Resources Limited (MOD): MOD Resources is an Australian mining company that is focused on copper and silver exploration and production in Botswana. Technical analysis suggests that the stock is currently in a long-term uptrend and is trading above its 200-day moving average. The stock has a 12-month price target of $0.81, which represents a potential upside of approximately 13%.
  9. Castillo Copper Limited (CCZ): Castillo Copper is an Australian exploration company that is focused on copper, zinc, and nickel exploration in Queensland and New South Wales. Technical analysis suggests that the stock is currently in a short-term uptrend and is trading above its 50-day moving average. The stock has a 12-month price target of $0.046, which represents a potential upside of approximately 187%.
  10. Rex Minerals Limited (RXM): Rex Minerals is an Australian mining company that is focused on copper-gold exploration and production in South Australia. Technical analysis suggests that the stock is currently in a long-term downtrend and is trading below its 200-day moving average. The stock has a 12-month price target of $0.1, which represents a potential upside of approximately 15%.

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Market Cap of Top Performing ASX Copper Stocks

Here are the market capitalizations of each of the copper stocks listed above-

  1. Sandfire Resources Limited (SFR): AUD 1.66 billion
  2. Oz Minerals Limited (OZL): AUD 8.16 billion
  3. BHP Group Limited (BHP): AUD 163.34 billion
  4. Rio Tinto Limited (RIO): AUD 157.13 billion
  5. Copper Mountain Mining Corporation (C6C): CAD 480.69 million
  6. Aeris Resources Limited (AIS): AUD 62.07 million
  7. Capricorn Metals Limited (CMM): AUD 292.79 million
  8. MOD Resources Limited (MOD): AUD 84.82 million
  9. Castillo Copper Limited (CCZ): AUD 26.28 million
  10. Rex Minerals Limited (RXM): AUD 29.08 million

Will the Copper industry and its Stocks grow in Australia?

The copper industry in Australia has been growing steadily in recent years due to the increased demand for copper in various sectors such as construction, electronics, and transportation. As a result, many copper stocks listed on the ASX have performed well, with some experiencing significant growth.

That being said, some analysts and experts are highly optimistic about the future of copper and believe that the demand for copper is likely to continue growing in the coming years, driven by factors such as the growth in renewable energy infrastructure and the transition to electric vehicles. As a result, some copper stocks may be considered a good investment for the future, but this is not a guarantee and depends on a range of factors. Visit ThinkMoneyTrader for more financial bytes like this.

Frequently Asked Questions (FAQ’s)

What are the top copper stocks on the ASX?

The top copper stocks on the ASX are Sandfire Resources Limited (SFR), Oz Minerals Limited (OZL), BHP Group Limited (BHP), Rio Tinto Limited (RIO), Copper Mountain Mining Corporation (C6C), Aeris Resources Limited (AIS), Capricorn Metals Limited (CMM), MOD Resources Limited (MOD), Castillo Copper Limited (CCZ), and Rex Minerals Limited (RXM).

What is the current outlook for the copper market and how is it likely to affect the performance of copper stocks on the ASX?

The current outlook for the copper market is positive, with demand for copper expected to continue growing due to factors such as the transition to renewable energy, electric vehicles, and infrastructure development. This is likely to support the performance of copper stocks on the ASX.

How do copper stocks on the ASX compare to other mining stocks in terms of performance and risk?

Copper stocks on the ASX generally have higher risk compared to other mining stocks due to factors such as geopolitical risks, production risks, and fluctuations in copper prices. However, copper stocks may offer higher returns in a growing market.

What are the major risks associated with investing in copper stocks on the ASX and how can investors manage these risks?

The historical performance of copper stocks on the ASX varies, but many have experienced significant growth in recent years due to the growing demand for copper. Copper stocks have generally performed well during times of economic growth and increased demand for commodities.

What is the historical performance of copper stocks on the ASX and how have they performed during different market conditions?

The historical performance of copper stocks on the ASX varies, but many have experienced significant growth in recent years due to the growing demand for copper. Copper stocks have generally performed well during times of economic growth and increased demand for commodities.

What are the major mining projects or exploration activities that are driving the performance of copper stocks on the ASX?

The major mining projects or exploration activities that are driving the performance of copper stocks on the ASX include exploration in Queensland and New South Wales, development of new mines and expansion of existing mines, and exploration in South Australia.

What are the dividend yields of copper stocks on the ASX and how do they compare to other dividend-paying stocks in the market?

The dividend yields of copper stocks on the ASX vary, but some copper stocks may offer attractive dividend yields compared to other dividend-paying stocks in the market. However, it is important to consider the company’s financial health and dividend policies before making any investment decisions.

CA, CFA and MBA from IIM Indore. I have strong domain knowledge of finance industry and years of experience in trading. Hence, you can trust my reviews and recommendations.

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