Materials / 17 companies
Copper — the wire behind every GW
Every gigawatt of datacenter power is copper — in the transformer, in the busway, and in the run to the rack.
copper
The price
Nothing collected yet. The price source is verified and named on the shelf below (wb-pink-sheet-metals, fred-copper), and the line appears the first time the collector writes a point. An empty chart is the correct answer until then.
What happened
| Date | Type | What happened | Source |
|---|---|---|---|
| 2026-10-21 | guidance | Southern Copper reports Q3 2026 net sales of $4.70BQ3 2026 net sales $4,696.6M, net income attributable $1,801.8M, adjusted EBITDA $3,040.2M. Quarterly dividend $1.30/share plus 0.0106 stock dividend per share, payable 19 Nov 2026. | agent:company-events · SEC EDGAR 8-K |
| 2026-10-05 | editorial note | Margin figure revised: $16B → 37.75%Margin moved from $16B (deep-dive-2026-07-10.md) to 37.75% (deep-dive-2026-10-05.md). | dossier |
| 2026-10-05 | editorial note | Verdict changed: Operationally the best growth story in large-cap mining — ~10%/yr copper+gold volume compounding, ~25% ROE, 60% mineral gross margins — priced two-to-three turns below Western copper…Before (deep-dive-2026-07-10.md): Operationally the best growth story in large-cap mining — ~10%/yr copper+gold volume compounding, ~25% ROE, 60% mineral gross margins — priced two-to-three turns below Western copper peers on a discount that is structural, not temporary (UFLPA listing, China-SOE governance, hardest-jurisdiction asset base). Bullish the metal, skeptical of the re-rating. After (deep-dive-2026-10-05.md): "The business got much better and the stock got cheaper. H1 2026 profit +68% to RMB39.2B and an LTM P/E near 11x, yet the H shares sit ~31% under January's high and ~17% under their pre-print August level, as gold fell ~26% from its peak. The copper growth leg is slipping (Kamoa cut, 2026 copper target under pressure) and the US has now put a forced-labour order on copper from its Bor smelter subsidiary, Serbia Zijin Copper. Still bullish on the earnings power. Conviction on a re-rating is lower than in July." | dossier |
| 2026-10-02 | guidance | 8-K Item 2.02: third-quarter 2026 operational update dated 2 Oct 2026Freeport-McMoRan furnished Exhibit 99.1, a press release dated 2 Oct 2026 titled 'Freeport Provides Third-Quarter 2026 Operational Update'. | agent:company-events · SEC EDGAR 8-K |
| 2026-09-24 | filing | 6-K: Ero Copper furnishes 2025 Sustainability ReportExhibit 99.1 listed as "Ero Copper 2025 Sustainability Report", furnished 24 Sep 2026. | agent:company-events · SEC EDGAR 6-K |
| 2026-09-23 | filing | 8-K: Ivanhoe Electric updated Santa Cruz Copper preliminary feasibility study2026 Preliminary Feasibility Study for Santa Cruz Copper Project supersedes June 2025 study: LOM capital $2.85bn ($1.43bn initial, $1.42bn sustaining); probable reserves 140,129 kt at 1.08% copper; 92.3% LOM recovery. | agent:company-events · SEC EDGAR 8-K |
| 2026-08-10 | editorial note | Capex figure revised: $1,325.3M → $2.6BCapex moved from $1,325.3M (deep-dive-2026-06-18.md) to $2.6B (deep-dive-2026-08-10.md). | dossier |
| 2026-08-10 | editorial note | Verdict changed: The world's lowest-cost, longest-reserve, highest-margin copper pure-play — a generational asset wrapped in a Sell-rated price and 88.9% Grupo Mexico control; you want the orebody, n…Before (deep-dive-2026-06-18.md): The world's lowest-cost, longest-reserve, highest-margin copper pure-play — a generational asset wrapped in a Sell-rated price and 88.9% Grupo Mexico control; you want the orebody, not the multiple, and the market agrees. After (deep-dive-2026-08-10.md): The bear case got tested on its own terms and lost — copper +40%, silver +119%, a pro-mining president in Lima and Tía María 42% built — so the thesis is stronger and the discount is gone; what is left to underwrite is not the orebody but a by-product spike doing half the margin work and a dividend increasingly paid in freshly printed shares. | dossier |
This week
Up most
- NGEx Minerals-1.0%
- Freeport-McMoRan-6.3%
- Taseko Mines-6.4%
- Southern Copper-7.7%
- Glencore-7.8%
Down most
- Ero Copper-12.3%
- Lundin Mining-11.5%
- Ivanhoe Mines-10.9%
- KGHM Polska Miedz-10.5%
- Antofagasta-10.4%
Exposed companies
| Company | Ticker | Beat | Close | Week |
|---|---|---|---|---|
| Ero Copper | ERO | critical-materials | 29.95 | -12.3% |
| Lundin Mining | LUN.TO | critical-materials | 29.50 CAD | -11.5% |
| Ivanhoe Mines | IVN.TO | critical-materials | 9.16 CAD | -10.9% |
| KGHM Polska Miedz | KGH.WA | critical-materials | 293.20 PLN | -10.5% |
| Antofagasta | ANTO.L | critical-materials | 3048.00 GBp | -10.4% |
| First Quantum Minerals | FM.TO | critical-materials | 33.44 CAD | -9.1% |
| Ivanhoe Electric | IE | critical-materials | 7.86 | -8.9% |
| Capstone Copper | CS.TO | critical-materials | 11.19 CAD | -8.7% |
| Teck Resources | TECK | critical-materials | 59.05 | -8.6% |
| Jiangxi Copper | 0358.HK | critical-materials | 29.06 HKD | -8.0% |
| Zijin Mining | 2899.HK | critical-materials | 29.46 HKD | -7.8% |
| Glencore | GLEN.L | critical-materials | 537.50 GBp | -7.8% |
| Southern Copper | SCCO | critical-materials | 185.01 | -7.7% |
| Taseko Mines | TGB | critical-materials | 7.46 | -6.4% |
| Freeport-McMoRan | FCX | critical-materials | 65.18 | -6.3% |
| NGEx Minerals | NGEX.TO | critical-materials | 20.84 CAD | -1.0% |
| McEwen Copper | — | critical-materials | — | — |
17 on the layer · closes to 2026-10-23
A hand list, not a query: a company carries a beat and no material, so which names are actually exposed to copper is a judgement. Every published miner and refiner is on companies.
What is being collected
series
A dated number. Collected on a cadence; the chart is the record.
| Source | What it is for | As of | State |
|---|---|---|---|
| wb-pink-sheet-metals | price line on each material page | — | not yet collected |
| fred-copper | copper page price line (backup) | — | not yet collected |
| usgs-mcs | annual supply context on every material page | — | not yet collected |
| imf-portwatch-chokepoints | chokepoint-stress line (Suez, Panama, Hormuz) behind materials and equipment lead times | — | not yet collected |
event-log
Dated decisions where the event itself is the record.
| Source | What it is for | As of | State |
|---|---|---|---|
| asx-announcements | quarterly activity reports and announcements per Australian miner — the announced-vs-producing pipeline one stage deeper | — | not yet collected |
| blm-nepa-register | mine permitting clock | — | lead |
Dated ahead
| Date | Company | Period | Firmness |
|---|---|---|---|
| 2026-10-28 | Southern Copper SCCO | 2026-Q3 | expected |
| 2026-11-09 | Ivanhoe Electric IE | 2026-Q3 | expected |