After Gold and Silver, Is Copper Set for a Big Run? 4 Stocks to Buy

Gold had a blockbuster year in 2025, rising more than 60%. Silver did even better, surging over 150%. That momentum has carried into 2026, with both metals hitting fresh highs as geopolitical tensions push investors toward safe-haven assets. But with gold and silver at record levels, many investors are wondering if they missed the boat.

While precious metals still have more room to run, another metal is looking like the next big opportunity. Copper, often called the backbone of the global economy, is quietly stepping into the spotlight. The red metal rose around 40% last year, with prices set to strengthen as new demand drivers kick in.

After gold and silver’s historic runs, it’s copper’s turn to shine red hot. Investing in copper stocks like Ero Copper Corp. ERO, BHP Group Limited BHP, Rio Tinto PLC RIO and Southern Copper Corporation SCCO could be a smart way to play the trend.

The Red Metal’s Moment

One early spark for copper’s rally came last year, when U.S. companies rushed to stockpile supplies after President Donald Trump threatened tariffs on copper imports. Even though those tariffs were later put on hold, the buying frenzy drained inventories and tightened supplies across global markets. At the same time, disruptions at major mines in countries like Chile, Peru and Indonesia limited output growth, keeping the market under pressure.

Demand trends are just as powerful. Copper is essential to electric vehicles, power grids, renewable energy systems and industrial machinery. It is also becoming a critical input for the fast-growing AI economy. Massive data centers used for artificial intelligence and cloud computing require enormous amounts of copper for wiring, power transmission and cooling systems. Some hyperscale facilities consume tens of thousands of tons on their own.

China, the world’s largest copper consumer and manufacturer, is also moving aggressively to secure long-term supplies. This adds another layer of demand to an already tight market.

Demand is growing faster than supply, and experts say this is a lasting shortage rather than a temporary supply squeeze.

With a weakening U.S. dollar, rising investor interest, strong demand and supply crunch, copper is increasingly being viewed as both a growth play and a hedge.

Copper Stocks to Own in 2026

Ero Copper is a Brazil-focused mining company producing copper and gold. It runs two copper mines—Caraíba in Bahia and Tucumã in Pará—and a gold mine, Xavantina, in Mato Grosso. In the third quarter of 2025, copper production hit a record 16,664 tonnes of concentrate at a low cash cost of $2 per pound, driven by stronger output at Tucumã and steady production at Caraíba.

The company expects fourth-quarter 2025 production to have received a boost from higher plant throughput and richer mining blocks at Tucumã. Beyond its operating mines, Ero Copper is advancing the Furnas Copper-Gold Project in Carajás Province, aiming for a 60% stake through an agreement with Vale. Low costs, rising output and expansion projects make ERO well-positioned to benefit from the copper rally.

The Zacks Consensus Estimate for ERO’s 2026 sales and EPS implies year-over-year growth of 38% and 100%, respectively. Over the past seven days, EPS estimates for 2026 have risen by 38 cents. The stock sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

BHP is a global natural resource giant based in Australia, producing copper, iron ore, nickel, coal and potash. Copper now makes up 39% of BHP’s EBITDA, one of the highest among diversified miners. The company has a strong growth pipeline, targeting around 2 million tons of copper production per year by the 2030s.

Key assets include Escondida and Pampa Norte in Chile, Antamina, and joint ventures like Vicuña Corp. in Argentina and Chile, plus a 45% stake in the Resolution Copper Project in the United States. In October 2025, BHP announced a $550 million investment to expand its Olympic Dam operations in Australia, setting the stage for an even larger output by the mid-2030s. With these projects, BHP is well-positioned to benefit from rising copper demand.

The Zacks Consensus Estimate for BHP’s fiscal 2026 EPS implies year-over-year growth of 23%. Over the past 60 days, EPS estimates for fiscal 2026 have risen by 33 cents. The stock sports a Zacks Rank #1.

Rio Tinto is a U.K.-based mining giant producing copper, aluminum, gold, iron ore, diamonds, and uranium. Its copper portfolio includes the Kennecott mine in Utah and a 66% stake in Oyu Tolgoi in Mongolia, one of the world’s largest copper and gold deposits, set to be the fourth-largest copper mine globally by 2030.

Rio Tinto is also developing growth projects like Resolution Copper in the United States and the Winu copper-gold project in Australia, in partnership with Sumitomo Metal Mining. Talks of a potential Glencore acquisition could create the world’s largest mining company and add significant copper and cobalt production. With strong existing assets and growth projects, Rio Tinto is well-positioned to benefit from the global copper rally.

The Zacks Consensus Estimate for RIO’s 2026 sales and EPS implies year-over-year growth of 6% each. Over the past 60 days, EPS estimates for 2026 have risen by 65 cents. The stock sports a Zacks Rank #1.

Southern Copper holds the largest copper reserves in the industry and operates top-tier mines in investment-grade countries like Mexico and Peru. The company has a $15 billion capital investment plan this decade, with $10.3 billion focused on Peru, the world’s second-largest copper producer.

Key projects include Tía María, which is expected to produce 120,000 tons of copper cathodes annually, Los Chancas, set to produce 130,000 tons of copper and 7,500 tons of molybdenum starting 2030-2031, and Michiquillay, set to become one of Peru’s largest copper mines with 225,000 tons of copper per year plus gold, silver and molybdenum. With a track record of low-cost production and large-scale growth projects, SCCO is well-positioned to benefit from rising copper demand.

The Zacks Consensus Estimate for Southern Copper’s 2026 sales and EPS implies year-over-year growth of 10% and 18%, respectively. Over the past 30 days, EPS estimates for 2026 have risen by 6 cents. The stock carries a Zacks Rank #2 (Buy).

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This article originally published on Zacks Investment Research (zacks.com).

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