2025 has been a strong year for precious metals with the gold price reaching all-time highs on several occasions.
Overall, it has now risen by 57% since early January.
And the silver price has fared even better, rocketing by 75% during the same period.
Whilst this rally in precious metals has dominated mainstream headlines, another key industrial metal has been quietly making waves of its own.
And that metal is copper.
Like gold and silver, the copper price recently hit record highs after reaching US$11,200 per tonne in trading on the London Metal Exchange.
A slight pullback has since seen its price dip to about US$10,800 per tonne.
Nevertheless, the copper price has now jumped by 27% since the start of the year.
And more gains could be on the cards with American investment bank JPMorgan Chase & Co (NYSE: JPM) predicting further upside in upcoming months.
Here, the bank's head of base and precious metals research, Gregory Shearer, has tipped copper to reach US$12,000 per tonne in the first quarter of next year.
This forecast could be a welcome development for BHP Group Ltd (ASX: BHP) and other ASX 200 mining stocks with significant copper exposure.
BHP shares take centre stage as copper rises
BHP is a diversified mining giant with its operation spanning several different commodities.
However, the company has been growing its exposure to copper over the past few years through a series of deals and acquisitions.
As a result, the mining titan now holds a vast portfolio of copper mines across Chile, Peru, South Australia, and Arizona.
And it now claims to be the world's largest copper miner after producing two million tonnes of the metal in FY25.
Furthermore, copper made up 45% of the group's underlying operating earnings (EBITDA) for the year, up from 29% in FY24.
So, any further increases in the copper price could potentially be a boon for its share price.
Over the past six months, BHP shares have risen by 11.4% to close out Tuesday at $42.79 apiece.
This respectable performance compares with a 7.5% increase in the All Ordinaries Index (ASX: XAO) during the same period.
However, three other ASX 200 mining stocks with significant copper exposure have been rocketing even higher.
3 ASX 200 mining stocks riding the copper wave
Sandfire Resources Ltd (ASX: SFR) is a copper-focused miner with two producing assets.
In FY25, the company delivered 94,000 tonnes of copper equivalent from its MATSA operations in Spain. It added another 58,000 tonnes equivalent from its Motheo mine in Botswana.
Shares in the company have jumped by 56% in the past six months to $16.27 per share at Tuesday's close.
Capstone Copper Corp CDI (ASX: CDC) is a Canadian-based copper miner with a diverse portfolio of producing assets located in the Americas.
All up, the group is targeting output of between 220,000 and 255,000 tonnes of copper in 2025.
Its share price has ballooned by 69% since early May to $13.44 at yesterday's close.
Newmont Corporation CDI (ASX: NEM) is the biggest gold producer in the world.
However, the company has also been growing its copper focus in recent years.
Overall, it holds a resource base containing some 25 million tonnes of copper across North America, Latin America, and the Asia Pacific.
Shares in Newmont are up by 69% in just six months after reaching $136.52 per share at Tuesday's close.
