S&P/ASX 200 Index (ASX: XJO) copper shares are going ballistic today.
This comes as the price of the red metal notched new all-time highs overnight, topping US$11,532 per tonne. Copper is currently trading for US$11,489 per tonne.
That sees the copper price up a remarkable 31% year to date.
The surging price has obviously come as welcome news to Aussie copper miners and their shareholders.
And according to Jun Bei Liu, portfolio manager at Ten Cap, strong global demand for the non-corrosive, conductive metal – critical in the global energy transition as well as its more traditional uses in construction and plumbing – should see continued growth in 2026.
Two ASX 200 copper shares well-placed to gain
"It's almost like copper is the tech of the resources [sector] – the exciting part," Liu said (quoted by The Australian Financial Review).
Lie added:
The demand needed for the energy transition is increasingly interesting. And should there be any sell-off, you've certainly seen a lot of support for copper and copper equities.
As for which Aussie miners she likes, Liu said ASX 200 copper shares Sandfire Resources Ltd (ASX: SFR) and dual-listed, Canadian-based Capstone Copper Corp (ASX: CSC) are in the "sweet spot" amid rising copper prices.
Sandfire Resources shares are up 4.5% in late morning trade today, changing hands for $17.08 apiece. This sees the Sandfire share price up 83.5% year to date.
Meanwhile, shares in Capstone Copper, which first began trading on the ASX in April 2024, are up 7.4% today, trading for $14.17 each. Capstone Copper shares have gained 39.9% in 2025.
And if Liu is correct, these ASX 200 copper shares could deliver another year of strong outperformance in the year ahead.
Why is the copper price smashing new all-time highs?
The copper price looks to be catching fresh tailwinds on two fronts.
First, the United States may well still impose hefty tariffs on imports of the red metal, which has raised concerns of pending global supply shortages. That's because traders are working to front-run any tariffs by shipping large volumes of copper to the US now.
The copper price, and ASX 200 copper shares, also look to be getting a boost following a rush of orders to pull the red metal from London Metal Exchange warehouses.
Commenting on the surging copper price, Helen Amos, a commodities analyst at BMO Capital Markets Ltd, said (quoted by Bloomberg):
Of course, with copper there is a really compelling fundamental story, and investors recognise that miners are having real difficulties maintaining and growing supply. But there's also a price arbitrage between the US and the rest of the world, and that's probably the most dominant factor driving prices higher at the moment.
