Imagine if we didn’t have the materials to build our homes, wire our electronics, or even make the coins in our pockets. Well, one element that’s vital to all these and more is copper. The copper industry is a crucial part of the global economy, supplying this essential material for countless applications. From construction to electrical wiring, plumbing, and even renewable energy technologies, copper is literally everywhere around us.
Now, the companies that mine and produce this valuable metal are collectively known as copper stocks. These firms explore and develop mines to extract copper ore, process it, and then sell the refined metal to various industries. Investing in copper stocks means buying shares in these companies, betting that the demand for copper will continue to rise and push their profits higher.
But here’s the exciting part. The future of copper looks bright due to the growing demand from green technologies like electric vehicles and renewable energy systems, which use significant amounts of the metal. So, the copper industry and the stocks associated with it offer an intriguing investment opportunity, particularly for those interested in sustainable and green investments. Just like in any sector, however, investing in copper stocks requires careful research and consideration of the risks involved. With that, here are two copper stocks to watch in the stock market now.
Copper Stocks To Watch Right Now
- Freeport-McMoRan Inc. (NYSE: FCX)
- Southern Copper Corporation (NYSE: SCCO)
Freeport-McMoRan Inc. (FCX Stock)
To begin, Freeport-McMoRan (FCX) is one of the world’s largest copper producers. It operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold, and molybdenum.
In April, Freeport-McMoRan reported a beat for its first quarter of 2023 financial results. Specifically, the company posted Q1 2023 earnings of $0.52 per share, with revenue of $5.4 billion. This was versus Wall Street’s consensus estimates for the quarter which were earnings of $0.47 per share, along with revenue estimates of $5.1 billion.
Meanwhile, as of Tuesday’s closing bell, shares of FCX stock are trading at $34.23 per share.
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Southern-Copper Corp. (SCCO Stock)
Second, Southern Copper (SCCO) is one of the largest integrated copper producers in the world. The company produces copper, molybdenum, zinc, lead, coal, and silver from mines in Peru and Mexico.
At the end of last month, Southern Copper announced its first quarter of 2023 earnings results. Diving in, the company reported earnings of $1.05 per share, along with revenue of $2.8 billion. This was in comparison with analysts’ consensus estimates that were an EPS of $1.04 per share, along with revenue estimates of $2.7 billion.
Continuing on, as of Tuesday’s closing bell, shares of SCCO stock are trading at $67.04 a share.
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