Copper just hit all-time highs above $12,000 per ton

SCCO: Southern Copper Corporation - Operates the lowest-cost copper production franchise in the industry with Q3 2025 cash costs of just $0.42 per pound, generating an exceptional 58.5% EBITDA margin that materially exceeds all major peers. This cost advantage positions SCCO to capture disproportionate value from the structural copper deficit, particularly through its operations in Peru and Mexico where production remains unaffected by the disruptions plaguing competitors. The company's pure-play copper exposure provides direct leverage to the AI data center and electrification demand that's driving the inelastic consumption central to the investment thesis. Read More →

FCX: Freeport-McMoRan - Uniquely positioned to benefit from both the record copper prices and the "America's Copper Premium" - a $1.25 per pound premium over LME prices (28% higher) that translates to a potential $1.7 billion annual windfall for its U.S. operations. FCX's innovative leaching technology is unlocking 800 million pounds of copper annually from existing stockpiles by 2030, essentially creating a new low-cost mine without the capital intensity of greenfield development. This technological advantage, combined with the company's disciplined capital allocation policy directing 50% of free cash flow to shareholder returns, makes FCX a direct beneficiary of the supply-constrained environment driving record pricing. Read More →

BHP: BHP Group - Has engineered the fastest-growing copper exposure in the mining industry, adding nearly 300,000 tons annually while global demand is projected to surge 70% by 2050. This strategic portfolio shift positions BHP to capture disproportionate value from the energy transition megatrend driving copper demand. Meanwhile, its Western Australia Iron Ore business generates a defensive 68% EBITDA margin at C1 costs of just $15.84 per ton, creating a cash flow engine that produces over $20 billion annually to fund the copper pivot through any commodity cycle. This combination of growing copper exposure and iron ore cash generation makes BHP exceptionally well-positioned to benefit from the structural copper supply shortages. Read More →

AA: Alcoa Corporation - Executing a strategic portfolio reset that strengthens its integrated aluminum model through the $786 million Saudi joint venture sale and completion of the Alumina Limited acquisition. This vertical integration provides Alcoa with significant operational leverage to capitalize on higher LME aluminum prices while mitigating input cost volatility. The company's Aluminum segment demonstrated this leverage in Q3 2025 with EBITDA surging $210 million sequentially on higher metal prices and lower input costs, directly benefiting from the tight supply conditions and growing clean energy demand that underpin the aluminum market thesis. Read More →

CENX: Century Aluminum Company - Experiencing a tariff-driven margin inflection as the Section 232 tariff increase to 50% on imported primary aluminum has transformed its U.S. operations, driving the Midwest Premium from $0.20/lb to $0.72/lb and creating a protected domestic market. This regulatory advantage has enabled Century to restart its Mt. Holly facility and initiate a new smelter project that would have been uneconomical just two years ago. The company's vertical integration strategy, including the 2023 Jamalco acquisition securing 1.4 million tonnes of alumina capacity, insulates Century from seaborne bauxite volatility and positions it to benefit from both the supply constraints and growing clean energy demand driving the aluminum market. Read More →