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Investing in copper stocks
Check out the 10 best copper stocks to buy in Canada and the US.
Copper has an abundance of practical uses—from our homes to industrial machinery—but it’s difficult and expensive to mine. Here’s what you should know about investing in copper stocks in Canada plus the 10 best copper stocks to buy on the TSX, NYSE and Nasdaq.
Why invest in copper stocks in Canada?
Copper has an expansive range of industrial and consumer applications, and the recent push for electric vehicles is likely to increase demand for this essential metal.
Electric vehicles have 5X more copper than traditional cars. And this new driving technology will also require large amounts of copper to support its electric charging infrastructure. Copper’s strong ties to many sectors of the economy likely mean that the demand isn’t going anywhere.
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Risks of buying copper stocks
While copper is one of the most abundant metals on earth, only a small portion is economically viable to extract at today’s prices using current technologies. So mining companies are vulnerable to copper price fluctuations, which are easily impacted by geopolitics.
For example, global copper prices fell to its 2-year all-time low in 2019. It was collateral damage amid the escalating trade war between the United States and China — a country which consumes over 50% of the world’s metal.
An additional risk is that there are other practical substitutes for copper. For example, manufacturers can use aluminum instead of copper in automobile radiators, optical fibre in telecommunications equipment and plastics for pipes and plumbing fixtures. These substitutions can lower demand and cause copper and its stock prices to fall.
Best copper stocks to buy in Canada
This list and data was updated March 3, 2022. The algorithm was last updated January 27, 2021.
What is copper and how is it used?
Copper is a metal that is corrosion-resistant and an excellent conductor of heat and electricity. In its natural state, copper is soft, solid and can be molded into different shapes and thicknesses.
Copper has a plethora of uses across 5 main markets:
- Construction. Wiring, heating, refrigeration and plumbing all use copper materials.
- Electrical and electronics. Utilities and electronics need copper wiring and parts.
- Consumer products. Cookware and household appliances use their fair share of this raw material.
- Transportation. Vehicles, including airplanes, cars and trucks, are manufactured with copper.
- Industrial equipment. Machinery consumes millions of pounds of copper every year.
Copper stocks generally refer to companies that explore, develop, produce and sell copper all over the world.
1. Freeport-McMoRan Inc (NYSE: FCX)
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver and other metals as well as oil and gas.
- Market cap: C$55.802 billion
- YTD performance: 46.04%
- 1 Year performance: 54.28%
- 5 Year performance: 206%
- P/E Ratio: 14.39
- Headquarters: United States
2. Copper Mountain Mining Corporation (TSX: CMMC)
Copper Mountain Mining Corporation is a Canada-based mining company that explores for copper, gold and silver deposits. Its flagship asset is the Copper Mountain mine in British Columbia, which is comprised of 138 crown granted mineral claims, 149 located mineral claims, 14 mining leases and 12 fee simple properties.
- Market cap: C$655.718 million
- YTD performance: 72.38%
- 1 Year performance: 73.33%
- 5 Year performance: 277%
- P/E Ratio: 6.71
- Headquarters: Canada
3. Russel Metals Inc. (TSX: RUS)
Russel Metals Inc. distribution steel and other metal products in North America. It operates through 3 segments: Metals Service Centers, Energy Products and Steel Distributors.
- Market cap: C$2.008 billion
- YTD performance: 41.09%
- 1 Year performance: 45.64%
- 5 Year performance: 163%
- P/E Ratio: 6.22
- Headquarters: Canada
4. Avery Dennison Corporation (NYSE: AVY)
Avery Dennison Corporation manufactures and markets pressure-sensitive materials in the United States, Europe, Asia, Latin America and other markets internationally.
- Market cap: C$16.444 billion
- YTD performance: 28.13%
- 1 Year performance: 30.69%
- 5 Year performance: 100%
- P/E Ratio: 22.31
- Headquarters: United States
5. Thermo Fisher Scientific Inc. (NYSE: TMO)
Thermo Fisher Scientific Inc. offers life sciences solutions, laboratory products and service, analytical instruments and specialty diagnostics worldwide. Among its many products are samplers, elemental and particle size analyzers and bulk weighing and monitoring equipment used to mine and process copper. It also uses copper in a number of products used for scientific research.
- Market cap: C$253.895 billion
- YTD performance: 38.46%
- 1 Year performance: 39.33%
- 5 Year performance: 74%
- P/E Ratio: 29.93
- Headquarters: United States
6. Pan American Silver Corp. (TSX: PAAS)
Pan American Silver Corp. explores for, develops, extracts, processes, refines and reclaims silver, gold, zinc, lead and copper mines. It operates in Canada, Mexico, Peru, Argentina and Bolivia.
- Market cap: C$6.551 billion
- YTD performance: -29.07%
- 1 Year performance: -28.46%
- 5 Year performance: 110%
- P/E Ratio: 20.12
- Headquarters: Canada
7. Wheaton Precious Metals Corp. (TSX: WPM)
Wheaton Precious Metals Corp. primarily sells precious metals in Canada and other markets internationally. The company sells gold, silver, palladium and cobalt deposits. It also holds interests in a number of mines that produce copper and other metals and minerals.
- Market cap: C$23.697 billion
- YTD performance: -1.37%
- 1 Year performance: -4.20%
- 5 Year performance: 34%
- P/E Ratio: 29.62
- Headquarters: Canada
8. Aura Minerals Inc. (TSX: ORA)
Aura Minerals Inc. is a gold and copper production company that focuses on developing and operating gold and base metal projects in the Americas.
- Market cap: C$734.637 million
- YTD performance: -31.99%
- 1 Year performance: -26.55%
- 5 Year performance: -4%
- P/E Ratio: 7.42
- Headquarters: United States
9. BHP Group (NYSE: BBL, BHP)
BHP Group is a natural resources business with interests all over the world including Australia, Europe, China, Japan, India, South Korea, North America, South America and other international markets. It operates through 4 segments: Petroleum, Copper, Iron Ore and Coal.
- Market cap: C$145.368 billion
- YTD performance: 7.45%
- 1 Year performance: 7.04%
- 5 Year performance: 85%
- P/E Ratio: 12.78
- Headquarters: Australia
10. Taseko Mines Limited (TSX: TKO)
Taseko Mines Limited acquires, develops and operates mineral properties. The company explores for copper, molybdenum, gold, niobium and silver deposits.
- Market cap: C$674.396 million
- YTD performance: 42.17%
- 1 Year performance: 42.17%
- 5 Year performance: 221%
- P/E Ratio: 21.79
- Headquarters: Canada
Can I buy a copper ETF in Canada?
These North American exchange-traded funds (ETFs) track the price of copper:
- Global X Copper Miners ETF (COPX)
- United States Copper Index Fund (CPER)
- iPath Series B Bloomberg Copper Subindex Total Return ETN (JJC)
Open a trading account to buy copper stocks
One of the simplest ways to invest in copper is with a domestic brokerage account, which allows you to buy stocks on the TSX. But if you want to invest in international copper stocks, you’ll need an international brokerage account.
Use the table below to compare domestic brokerage accounts.
1 - 5 of 5
Bottom line
Copper is involved in a lot of economic sectors. While its consumer and industrial applications keep copper in demand, you’ll need to keep a pulse on global trade wars. Also, consider whether you want to invest in copper stocks or copper ETFs that track the market.
Consider a few different trading platforms that offer international brokerage accounts to add copper to your investment portfolio.
Frequently asked questions about copper stocks
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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