Prices hit an all-time high on the COMEX of US$5.20 per pound, or US$11,464 per tonne, on May 20 on tightening supply and increasing demand from the transition to renewable energy. In the longer term, many market watchers see low supply and higher usage from sectors like the electric vehicle industry creating a robust outlook.
Although prices for the red metal slid back to the US$4 per pound, or US$8,800 per tonne, level by early August, copper is once again on the rise. There is hope on the horizon of a boost to the global economic economy after the US Federal Reserve cut interest rates for the first time in more than four years, and China has put forth a series of economic support measures.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances.
Year-to-date gain: 154.17 percent
Market cap: AU$56.65 million
Share price: AU$0.305
Year-to-date gain: 58.62 percent
Market cap: AU$227.37 million
Share price: AU$0.23
Aeris Resources has three primary copper assets in Australia, with two currently in production: the Tritton operations and the North Queensland operations. The company recently placed its Jaguar zinc-copper operation on care and maintenance. Its portfolio also contains the producing Cracow gold mine in Queensland.
Aeris’ share price traded with the rising copper price to hit a year-to-date high of AU$0.34 on May 20.
Year-to-date gain: 55.17 percent
Market cap: AU$196.55 million
Share price: AU$0.45
Encounter’s share price climbed to a year-to-date high of AU$0.92 on July 8.
Year-to-date gain: 54.55 percent
Market cap: AU$186.28 million
Share price: AU$0.17
Now that the Federation mine is up and running as of September 24 of this year, Aurelia will switch gears to developing its Great Cobar copper deposit, which is also located in New South Wales. The project is accessible to the north of the New Cobar mining complex at the company’s Peak mine.
Aurelia’s share price saw its highest year-to-date value on July 11, coming in at AU$0.23 per share.
Year-to-date gain: 31.43 percent
Market cap: AU$182.48 million
Share price: AU$0.46
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989.
Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country’s government holds a 36.5 percent stake in the company.
The news sent shares of the company spiking to their best year-to-date close of 2024 — AU$0.80 on February 2 — more than double Bougainville Copper’s close of AU$0.35 the previous day.
“The company will fully consider the matters raised in the claim and intends to vigorously defend its position,” Bougainville Copper states in a press release.
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
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