Copper is an industrial metal, not a precious one. In the US, copper and copper alloy products go mainly into building construction (42%), electrical and electronic products (23%) and transportation equipment (18%).(1) The UN trade agency links rising copper demand to electric vehicles, renewable energy, data centers, AI infrastructure and smart grids.(2)
Copper does not typically generate regular cash flow, but some investors use it to diversify their portfolio. Prices can swing sharply, and near-term supply and demand can pull in a different direction from long-term forecasts.(3)
You can invest in copper through physical metal, copper stocks and ETFs, or futures contracts. Each route carries different costs and risks.
Physical copper comes as bars and rounds, similar to buying gold or investing in silver. APMEX, for example, lists copper bars from 1 ounce to 100 ounces and rounds from a quarter ounce to 5 ounces.(4) You can buy copper bullion online from dealers such as APMEX and SD Bullion.(4),(5) Compare each product’s price with the spot price to see the premium you are paying.
Copper stocks and exchange-traded funds (ETFs) are the most accessible ways to invest in copper through a standard brokerage account.
With copper stocks, you typically invest in mining companies. When copper prices rise, a miner’s revenue can rise with them, though company results also depend on production, costs and operating conditions. Some miners pay dividends, but not all do.
Copper ETFs take a few forms. Some hold a basket of mining stocks, and others hold copper futures. A fund that holds several stocks spreads company risk across its holdings, but it still moves with copper prices and mining stocks.
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| Company and ticker | Description | Latest copper update | Learn more |
|---|---|---|---|
| Freeport-McMoRan Inc. (FCX) | Operates the Grasberg minerals district in Indonesia, Morenci in Arizona and Cerro Verde in Peru.(6) | Third-quarter 2026 copper production of about 830 million pounds. The company is targeting a restart of Grasberg Block Cave production from Production Block 1S by mid-2027 after a September 2025 mud rush.(7) | HOW TO BUY |
| BHP Group (BHP) | Diversified miner with copper operations that include Escondida in Chile and Olympic Dam in Australia.(8) | Fiscal 2026 copper production of 1,953 thousand tonnes, down 3%. Copper contributed more than half of BHP’s earnings for the first time.(8),(9) | HOW TO BUY |
| Teck Resources Ltd. (TECK) | Copper producer with operations that include Quebrada Blanca (QB) and Highland Valley. It has received final court approval for a planned merger of equals with Anglo American.(10),(11) | Second-quarter 2026 copper production of 135,900 tonnes, with 2026 guidance of 455,000 to 530,000 tonnes.(10) | |
| Southern Copper Corporation (SCCO) | Copper mining, smelting and refining in Peru and Mexico. It also explores in Argentina and Chile.(12) | Second-quarter 2026 mined copper output of 230,662 tonnes, down 3.5% from a year earlier. The company expects 917,000 tons of copper in 2026.(13) | HOW TO BUY |
| Ivanhoe Electric Inc. (IE) | Developer of the Santa Cruz Copper Project in Arizona, which it owns through a wholly owned subsidiary. It does not yet operate a mine.(14) | A June 2025 preliminary feasibility study projects 1.4 million tonnes of copper cathode over a 23-year mine life.(14) | HOW TO BUY |
| ETF name | What it holds |
|---|---|
| Global X Copper Miners ETF (COPX) | Copper mining stocks. It tracks the Solactive Global Copper Miners Total Return Index, which holds 20 to 40 companies, and had 40 holdings and $6.75 billion in net assets as of October 20, 2026. Total expense ratio: 0.65%.(15) |
| iShares Copper and Metals Mining ETF (ICOP) | Global copper and metal ore mining stocks. It tracks the STOXX Global Copper and Metals Mining Index and had 64 holdings and $467.32 million in net assets as of September 30, 2026. Expense ratio: 0.47%.(16) |
| United States Copper Index Fund (CPER) | Copper futures contracts, and to a lesser extent copper-related forwards and swaps. It tracks the SummerHaven Copper Index Total Return.(17) |
For the year ended September 30, 2026, COPX returned 45.87% and ICOP returned 44.36% on a net asset value (NAV) basis.(15),(16) Past performance does not guarantee future results.
Copper futures let you speculate on the price of copper with leverage, which magnifies both gains and losses.
With a futures contract, you agree to buy or sell a set amount of copper at a set price on a future date. Most traders close the position or roll it into a new contract before it expires. Some brokers offer smaller futures contracts. Webull, for example, lists Micro Copper futures, which are cash settled.(18) If your account falls below the required margin, your broker can issue a margin call that requires you to add funds or close the position.
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You cannot hold physical copper in an IRA. The IRS treats most metals as collectibles, and its exceptions cover bullion of gold, silver, platinum and palladium that meets fineness standards, plus certain gold, silver and platinum coins.(19) You can still gain copper exposure in an IRA through copper stocks and ETFs, and possibly options or futures, depending on your broker.
Copper prices respond to supply and demand, and the two can look very different in the short term and the long term.
The UN trade agency expects global copper demand to grow by over 40% by 2040, and says meeting it may require 80 new mines and $250 billion in investment by 2030.(2) In the near term, the International Copper Study Group (ICSG) expects world refined copper usage to rise about 1.5% in 2026 and 2.5% in 2027, with China accounting for 59% of usage.(3)
World copper mine production was an estimated 23 million tons in 2025, the same as in 2024. Chile produced about 5.3 million tons, the Democratic Republic of the Congo 3.2 million and Peru 2.7 million.(1) Supply takes years to expand, with mine development taking up to 25 years in some cases.(2) Latin America accounts for around 40% of global mine output, and China’s share of global copper smelting capacity reached about 50% by 2025.(20) Recycled copper adds supply. Secondary refined copper reached 4.5 million tonnes in 2023, about 20% of total output.(2)
The ICSG forecasts mine production growth of 1.3% in 2026 and 3.1% in 2027. Output at the Grasberg mine in Indonesia and the Kamoa-Kakula mine in the Democratic Republic of the Congo remains constrained after incidents in 2025. The group expects a refined copper surplus of about 104,000 tonnes in 2026 and about 368,000 tonnes in 2027. It cautions that actual outcomes have deviated from its forecasts in the past.(3)
The International Energy Agency (IEA) projects a copper supply deficit of around 25% in 2035, narrowed from around 30% in its previous outlook as new projects advance in the Democratic Republic of the Congo and Zambia.(20)
Copper, aluminium and tin prices rose by about one-third between January 2025 and April 2026, and copper reached record highs.(20) The US Geological Survey (USGS) projected a record annual average COMEX price of $4.80 per pound for 2025, and analysts attributed the increase primarily to uncertainty over US tariffs on copper imports.(1) A 50% US tariff on semi-finished copper products and copper-intensive derivatives took effect on August 1, 2025.(21) Freeport expects its realized price for the third quarter of 2026 to exceed $6.50 per pound.(7)
Copper is an industrial metal with long-term demand forecasts pointing up, but near-term supply and demand can move prices in either direction. You can invest through physical metal, mining stocks and ETFs, or futures, and each route comes with different costs, risks and account requirements. To learn more about these approaches, read our guides on how to invest in commodities and how to trade futures. If you plan to invest through stocks, ETFs or futures, compare brokerage accounts first.
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