ASX All Ords copper share MAC Copper CDI (ASX: MAC) has gone into a trading halt pending major company news.
The ASX small-cap copper miner closed at $15.51 per share yesterday.
Meantime, ASX All Ords large-cap copper share Sandfire Resources Ltd (ASX: SFR) is the fastest riser of the S&P/ASX 200 Index (ASX: XJO) today.
Let's investigate.
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Why are MAC Copper shares frozen?
MAC Copper shares are in a trading halt after a request by the company.
In a letter to the ASX, MAC Copper said it wanted a trading freeze on its shares pending an upcoming announcement.
The announcement relates to "a potential control transaction".
MAC Copper shares will remain frozen until the earlier of either the release of the announcement or the market open on Thursday.
MAC Copper changed its name from Metals Acquisition Limited about six months ago.
The company's flagship asset is its 100%-owned CSA Copper Mine near Cobar in NSW, which it acquired from Glencore PLC in June 2023.
CSA is one of Australia's highest-grade copper mines with a targeted annual output of more than 50kt by 2026.
Largest ASX All Ords copper share leads market today
ASX All Ords large-cap copper share Sandfire Resources is leading the market today, buoyed by a stronger copper price.
The Sandfire Resources share price is up 4.81% to $11.55 at the time of writing.
This makes it the fastest riser of the ASX 200 Index today.
The ASX 200 is up 0.17% while the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.16%.
The copper price is currently trading at US$4.8203 per pound, up 0.33%. The copper price rose by almost 4% in yesterday's session.
The red metal is up by more than 20% in the year to date amid growing global demand due to the green energy transition.
The global shift towards renewable energy, electric vehicles (EVs), and digital infrastructure has significantly increased copper demand.
Copper is essential for electrical energy systems such as EVs, wind turbines, solar energy systems, and data centres.
IG Chief Market Analyst, Chris Beauchamp, says copper demand could grow by 50% by 2040, requiring new mines to raise global production and prevent severe shortages.
Trading Economics analysts explained yesterday's near-4% rise:
The rally was supported by a weakening US dollar, which continued to slide amid investor concerns over President Donald Trump's unpredictable trade policies that have dented confidence in US assets.
The analysts said copper supply appears "ample" for the moment, particularly after stronger output from mines in South America.
Small-cap copper stock offers major upside: broker
UBS has a buy rating on MAC copper shares with a 12-month price target of $21.
This implies a possible upside of 35% from here.
MAC Copper's earnings per share (EPS) could rise from US 54 cents in FY25 to US$2.43 in FY29, according to UBS forecasts.
