The All Ordinaries Index (ASX: XAO) is just about flat today, but that's not holding back this ASX All Ords copper stock.
The outperforming company in question is Capstone Copper Corp (ASX: CSC).
Shares in the dual-listed Canadian-based copper miner, which joined the ASX on 8 April last year, closed yesterday trading for $9.57. In morning trade on Friday, shares are changing hands for $9.81 apiece, up 2.5%.
This comes as the copper price hit US$9,998 per tonne overnight, putting the price of the red metal up 14% in 2025.
It also follows some major funding news from the ASX All Ords copper stock.
Here's what's going on.
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ASX All Ords copper stock secures major funding
The Capstone Copper share price is marching higher after the company reported it has successfully completed the pricing of its offering of US$600 million (approximately AU$952 million) in senior, unsecured bonds.
The company had earlier reported it would issue US$500 million in bonds.
The ASX All Ords copper stock said the interest rate on the bonds will be 6.75%.
The bonds will come due in 2033.
Interest on the notes will accrue from the issue date and will be payable semi-annually.
Capstone Copper said it will use the US$600 million in funds to repay project financing debt at its Mantoverde subsidiary, to pay down debt on its senior secured revolving credit facility, as well as for general corporate purposes.
Why have Capstone Copper shares surged recently?
With today's intraday gains factored in, the Capstone Copper share price remains down 1.4% since this time last year.
But shares have surged over the past seven trading days, with the ASX All Ords copper stock leaping 20.5% since the closing bell sounded on 11 March.
That looks to be driven by the strong rally in global copper prices ahead of looming US tariffs.
"Traders are redirecting the metal from Asia to take advantage of the price premium and skirt any potential tariffs on the metal," ANZ Group Holdings Ltd (ASX: ANZ) senior commodity strategist Daniel Hynes said (quoted by The Australian Financial Review).
ING commodity strategist Ewa Manthey added, "The US copper rush could leave the rest of the world tight on copper if demand picks up more quickly than expected."
But the tailwinds for Capstone Copper and other ASX miners digging up the red metal may be fleeting.
"With growth in the US likely to slow on the back of tariffs and China already struggling to revive its economy, demand for copper and other industrial metals is likely to weaken," Manthey cautioned.
