Capstone Copper Corp (ASX: CSC) shares are sliding today.
Shares in the S&P/ASX 200 Index (ASX: XJO) copper stock closed up 9.1% yesterday, ending the day at $12.45. During the Thursday lunch hour, shares are changing hands for $12.02 each, down 3.5%.
For some context, the ASX 200 is down 0.1% at this same time.
It's now been just over two years since Canadian-based Capstone Copper shares began trading on the ASX. That was back on 8 April 2024.
Although shares have retraced from the all-time closing high of $17.54, posted on 29 January, the ASX 200 copper stock has gained 94.6% over the past 12 months, racing ahead of the 21.3% one-year gains posted by the benchmark index.
Atop its own operational successes, the miner has benefited from a 47% increase in copper prices since this time last year. The red metal is currently trading for US$12,709 per tonne.
And looking to the year ahead, Morgans Financial's Mitch Belichovski believes the stock is well-placed to keep outperforming (courtesy of The Bull).
Should you buy Capstone Copper shares today?
"This copper miner and developer has five long-life assets strategically located in the Americas," said Belichovski, citing the first reason you might want to buy Capstone Copper shares today.
"CSC is one of a limited number of pure play copper names listed on the ASX," he added.
As for the second reason, Belichovski noted that miner's strong growth potential.
According to Belichovski:
Copper production growth differentiates CSC from its peers. Growth is driven by a combination of near term and longer dated brownfield and greenfield projects, alongside a declining cost profile.
And despite the near doubling in the miner's share price over the past year, he noted that the stock still looks to be trading at a good value.
"CSC was recently trading on a modest price-earnings ratio in 2026 and offers good value at these price levels," he concluded.
Image source: Getty Images
What's the latest from the ASX 200 copper stock?
Capstone reported its fourth quarter (Q4 2025) results on 3 March.
Highlights for the three months to 31 December included all-time high copper production of 58,273 tonnes.
This helped drive record quarterly adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $308 million, up 79% from Q4 2024 earnings.
Looking ahead, the ASX 200 copper stock provided full year 2026 production guidance of 200,000 to 230,000 tonnes of copper. 2025 saw the miner deliver record copper production of 224,764 tonnes.
Despite the strong quarterly results, Capstone Copper shares closed down 8.1% on the day of the results release, just two trading days into the Iran war. That selling looks to have been driven by investor fears that the war could disrupt global growth and dampen medium-term demand for copper.
