The copper price surged to a new all-time high on Tuesday, breaking above US$12,000 per tonne on the London Metal Exchange for the first time on record.
In total, the red metal has now rallied by almost 40% since the start of the year.
Not surprisingly, this powerful performance has outpaced the broader market, with the All Ordinaries Index up by 7% across the same period.
The latest leg higher appears to have been sparked by concerns over potential US copper tariffs.
Reports suggest this setting has triggered a rush of imports into the US, creating supply tightness amongst offshore manufacturers.
However, copper's longer-term outlook also appears highly constructive, underpinned by both traditional and emerging applications.
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Modern-day metal
Copper plays a key role in the global energy transition thanks to its use in electric vehicles (EVs) and associated charging infrastructure.
It is also a critical component in AI data centres due to its conductivity and efficiency in power distribution and cooling.
According to BloombergNEF, such trends could push copper into a structural supply deficit as early as 2026, as electrification-driven demand outpaces new mine supply.
The research firm believes copper is facing the most acute pressure amongst all transition metals.
This stems from rapid growth in data centres, grid expansion, and EV adoption worldwide.
Overall, BloombergNEF estimates that energy-transition demand for copper could triple by 2045, pushing the market deeper into deficit unless investment into new supply ramps up.
And leading ASX 200 mining stocks appear to be taking notice.
In recent years, several of Australia's largest mining companies have been actively increasing their exposure to copper.
Below, we present three ASX 200 mining stocks with a growing emphasis on copper.
BHP Group Ltd (ASX: BHP)
BHP is one of the world's biggest diversified miners, best known for its iron ore and metallurgical coal production to support global steelmaking.
However, through a series of acquisitions and expansions, the company has significantly increased its exposure to copper in recent years.
Today, this ASX 200 mining stock is considered the world's largest copper producer.
In FY25, BHP produced two million tonnes of copper from its portfolio of assets in Chile, Peru, South Australia, and Arizona.
Copper has also become a key earnings driver, accounting for 45% of the group's underlying operating earnings (EBITDA) during the year.
In the past six months, BHP shares have jumped by 25% to $45.59 apiece at the time of writing.
They are trading near 52-week highs on Wednesday morning.
South32 Ltd (ASX: S32)
South32 is a diversified mining company producing a suite of commodities across three geographical regions: Australia, South America, and Southern Africa.
Its operations include the production of bauxite, aluminium products, nickel, zinc, lead, silver, metallurgical coal, and manganese.
And then there's copper.
In 2022, South32 acquired a 45% interest in the Sierra Gorda mine in Chile, which is now helping to drive copper output for the company.
The project already boasts a mine life of more than 20 years, with potential for further upside through improved production efficiency, resource expansion, and exploration.
In FY25, copper production from Sierra Gorda grew by 20% from the previous year.
Separately, South32 has also been growing its pipeline of copper exploration opportunities.
In FY25, the group expanded its strategic alliance with Noronex Ltd (ASX: NRX) to explore for copper in Namibia and Botswana.
It also acquired a 19.9% stake in American Eagle Gold Corp and its NAK copper and gold project in Canada.
South32 shares have jumped by 21% over the past six months.
Fortescue Ltd (ASX: FMG)
Fortescue is renowned for its iron ore empire in the Pilbara region of Western Australia.
However, behind the scenes, the company has been growing its exposure to critical minerals, with a particular focus on copper.
Earlier this month, Fortescue moved to broaden its exposure to copper by agreeing to acquire the remaining 64% of Toronto-listed Alta Copper Corp (TSX: ATCU).
The $151 million deal will now give Fortescue control of the Canariaco copper project in Peru.
A recent economic evaluation of Canariaco forecasts annual production to average 134,000 tonnes of copper across a 27-year mine life.
Fortescue shares have lifted by 46% since the tail end of June.
