In 2026, copper stocks are on the rise. With modern technology consuming increasingly greater quantities of the red metal, some long-term supply forecasts indicate the world is heading towards a massive deficit by 2040.
This guide will describe what copper mining stocks are, the pros and cons of investing in the copper industry, and which are the UK’s top copper stocks to consider investing in.
What are copper stocks?
A copper stock is a mining company in the materials sector that generates either all or a large proportion of its earnings from getting physical copper out of the ground.
The world’s largest copper companies participate in all stages of the process. They’re responsible for:
- Exploration and drilling activities to find copper resources
- Developing copper mines if they deem a resource to be commercially viable
- Building the related infrastructure
- Producing the metal in massive quantities
Colossal amounts of copper are used every year. In fact, copper is the third-most consumed metal on the planet (behind iron ore and aluminium). This is because of its exceptional versatility and its consequent use in a wide range of applications.
Copper has extensive uses in a variety of industries, including construction, transportation, utilities, machinery, and consumer electronics. As a result, it’s known as a bellwether metal — it can be used to measure the health of the global economy. This is why copper is often referred to as ‘Doctor Copper.’
Top copper stocks in the UK
Here are some of the largest copper producers on the London Stock Exchange today (by market capitalisation).
| Mining stock | HQ | Description |
| Glencore (LSE:GLEN) | Zaar, Switzerland | A diversified commodities producer and marketer with huge copper interests |
| Antofagasta (LSE:ANTO) | London, UK | A specialised copper producer operating in Chile |
| Central Asia Metals (LSE:CAML) | London, UK | A base metals producer that digs for copper in Kazakhstan |
Glencore
Glencore is a multinational commodities company that produces raw materials and markets commodities to consumers.
It has considerable exposure to the copper market. And, as of 2026, is one of the largest copper producers in the world. It has interests in copper assets that span the globe. It has mines, smelters, and refineries in Chile, Peru, Canada, Australia, the Democratic Republic of Congo, and the Philippines.
As per its latest results, the company is on track to extract between 850 kilotonnes (kt) and 875kt in 2025. But looking out to the future, management is aiming to drastically ramp up production to 1.6 million tonnes by 2035 – almost double its current production levels.
Glencore salvages scrap copper through its recycling division, too. And it fulfils the role of ‘middleman’ between copper producers and consumers through its marketing unit.
Antofagasta
Antofagasta is one of the UK’s largest dedicated copper mining companies and, like Glencore, trades on the FTSE 100.
The company targets total copper production in 2025 to be between 660kt and 700kt while simultaneously investing $3.6bn across its numerous projects as part of its capital expenditure plan.
Antofagasta has sizeable stakes in four copper-producing assets in Chile, the world’s largest copper-producing country. These include the sizeable Los Pelambres and Centinela projects, which collectively account for almost 70% of group output. However, with production at its Antucoya and Zaldívar projects ramping up over time, this dependency risk has slowly been falling.
Antofagasta is investing heavily to boost copper production and mine life at Los Pelambres and to increase output at Centinela. The copper stock is also undertaking exploration activity in Chile, Peru, Canada, and the United States.
Central Asia Metals
Central Asia Metals is a base metals miner that across the first half of 2025 generated roughly 76% of operational EBITDA from its Kounrad copper asset in Kazakhstan. The remainder came from its Sasa mine in North Macedonia, where it produces lead, zinc, and silver.
Central Asia Metals has been pulling copper out of Kounrad for the last decade, an asset whose mine life stretches out to 2034.
Yet as of 2026, the Kazakh resource may only have 86,000 tonnes of recoverable copper left, with another 12,000 to 13,000 tonnes on track to be extracted this year. And there are already early signs emerging of a gradual production decline.
Are copper mining companies sensitive to the economy?
Copper is an extremely economically sensitive metal, so prices can move up and down wildly according to broader industrial conditions. As a result, copper mining companies’ profits (and share prices) are also highly geared towards the broader macroeconomic landscape.
However, earnings of copper stocks aren’t just affected by the health of the global economy. Classic supply and demand conditions also influence commodity prices. So even if copper consumption is rising as economic conditions improve, the copper price might not shoot up. A glut of new supply or expectations of rising global production could keep prices subdued.
Conversely, we could see higher copper prices even during periods of no or low economic growth if, say, copper production in key mines or regions (such as in Chile following a fresh labour dispute) comes under pressure.
Is copper a good investment?
With the way the demand for copper is increasing based on the world’s lean towards going green, copper producers could be a great investment for UK investors. Based on current ecological policies, the International Energy Agency thinks annual copper consumption will rise from 27 million tonnes in 2024 to 34 million tonnes by 2040.
Yet more recently, warnings of a structural supply deficit have begun to emerge. S&P Global are projecting a 10 million tonne supply deficit by 2040, with the International Copper Study Group forecasting that a potential 150,000 tonne deficit could already emerge later this year.
However, copper stocks that manage to overcome these problems could stand to profit significantly over the next decade as copper shortages drive up prices.
Copper stocks are popular investments for investors who are looking to make money from the rising demand for electric vehicles (EVs). Due to the metal’s excellent electrical conductivity, it is an essential material in building the vehicles themselves as well as the charging infrastructure.
Copper consumption is also tipped to rocket as investment in renewable energy increases, and the rate of emerging market urbanisation grows.