The S&P/ASX 200 Materials Index is climbing 0.29% today. But what happened to ASX copper shares following yesterday's explosion?
Copper shares on the market include Oz Minerals Limited (ASX: OZL), Sandfire Resources Ltd (ASX: SFR), Copper Mountain Mining Corporation (ASX: C6C) and 29Metals Ltd (ASX: 29M).
So how are ASX copper shares performing today?
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What's going on?
Oz Minerals shares have lifted 1% today, while Copper Mountain shares have fallen 3%. Meanwhile, Sandfire Resources shares have dropped 0.62% and 29Metals shares have leapt 0.57%.
The copper price is down 0.4% at the time of writing, trading economics data shows. In the past month, the copper price has lifted 4% but it has fallen nearly 18% in a year.
This follows ASX copper shares exploding yesterday after Oz Minerals rejected a takeover bid from BHP Group Ltd (ASX: BHP). Data out of China also showed copper imports had surged in July compared to the same time last year.
Oz Minerals highlighted it had a unique set of copper and nickel assets, with long-term growth potential. Especially given the world's tendency toward global electrification and decarbonisation.
In today's news Commonwealth Bank of Australia (ASX: CBA) analyst Vivek Dah has warned any rebound in copper could be dependent on one major factor. He said, in comments cited by the Australian Financial Review:
If we're talking about a rebound in copper, it's going to be conditional on China's COVID-zero policy being reversed, and we really only see a possibility of that after the National Congress in November after Xi Jinping is voted in for his next term.
Share price snapshot
The Sandfire share price has shed near 25% in the past year, while the Copper Mountain share price has plummeted nearly 40%. Meanwhile, Oz Minerals shares have leapt 14% and 29Metals has lost 29%.
For comparison, the ASX 200 Materials Index has fallen 10% in the past year.
