Copper is a versatile metal with a wide range of uses, including in electrical wiring, plumbing, and construction. The demand for copper is closely tied to economic growth, as the metal is essential in many infrastructure projects. As such, the price of copper can be a good indicator of the overall health of the global economy.
Investing in copper mining stocks can offer exposure to the metal’s price movements, as well as the performance of companies involved in copper mining, refining, and production. Some of the largest copper producers include Rio Tinto Group (NYSE: RIO) among others.
Though investors should be aware that copper mining can be a capital-intensive and politically sensitive business, and factors such as changes in mining regulations, labor disputes, and natural disasters can impact the performance of copper stocks. Given this, here are three copper mining stocks to watch in the stock market today.
Copper Mining Stocks To Buy [Or Avoid] Now
- BHP Group Ltd. (NYSE: BHP)
- Freeport-McMoRan Inc. (NYSE: FCX)
- Southern Copper Corporation (NYSE: SCCO)
1. BHP Group (BHP Stock)
First up, BHP Group Ltd. (BHP) is a global resources company that specializes in the exploration, production, and processing of commodities such as iron ore, copper, and coal. With operations across multiple continents, BHP Group is one of the world’s largest natural resource companies.
BHP Recent Stock News
In August 2022, BHP Group Ltd reported its full-year financial results. In the report, the company reported a 34% increase in profit from operations. This significant growth was attributed to the surge in commodity prices. The company’s profit from operations rose to $34.1 billion, compared to $25.5 billion in the prior year, and its revenue for the fiscal year 2022 was $65 billion.
Moreover, BHP Chief Executive Officer, Mike Henry said, “BHP delivered strong operational performance and disciplined cost control to realise record underlying earnings of US$40.6 billion and record free cash flow of US$24.3 billion. We have reduced debt and announced a final dividend of US$1.75 per share, bringing total cash dividends announced for the full year to a record US$3.25 per share.“
BHP Stock Chart
Since the start of 2023, shares of BHP stock have increased by 7.61%. While, during Tuesday morning’s trading action, BHP stock opened flat on the day so far trading at $66.07 a share.
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2. Freeport-McMoRan (FCX Stock)
Next, Freeport-McMoRan Inc. (FCX) is a large producer of copper, gold, and molybdenum. The company operates mines in North and South America and has a significant presence in the copper industry. Freeport-McMoRan also produces other minerals, including gold and molybdenum, making it a diversified player in the natural resources sector.
FCX Recent Stock News
Late last month, FCX reported its fourth-quarter and full-year 2022 financial results. In detail, the company posted earnings of $0.52 per share, along with revenue of $5.8 billion. This exceeded the consensus earnings estimate of $0.40 per share on revenue of $5.1 billion. However, revenue was down 6.6% compared to the same quarter in the prior year.
FCX Stock Chart
Year-to-date, FCX stock has advanced by 13.08% so far. Meanwhile, on Tuesday’s early morning trading session, shares of FCX stock opened slightly lower by 0.15%, currently trading at $42.88 per share.
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3. Southern Copper Corporation (SCCO Stock)
Last but not least, we have Southern Copper Corporation (SCCO). In brief, Southern Copper specializes in copper mining and processing, with operations in Mexico and Peru. The company is one of the largest producers of copper in the world and is known for its high-quality copper production.
SCCO Recent Stock News
Earlier this month, Southern Copper Corporation reported its fourth-quarter 2022 financial results. In the fourth quarter of 2022, Southern Copper Corporation (SCCO) reported earnings of $1.17 per share. This marked a significant improvement from the same quarter the previous year, which was attributed to an increase in sales volumes for copper, silver, and zinc, as well as lower operating costs per pound of copper. Despite this, net sales remained unchanged from the previous year, reaching $2,820 million.
SCCO Stock Chart
In 2023 so far, shares of Southern Copper Corporation have gained by 21.56%. Aside from that, during Monday morning’s trading action, SCCO stock opened flat on the day so far trading at $74.92 a share.
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