Copper just punched through a historic ceiling, with LME prices breaching $6.00/lb for the first time and trading roughly 25% above the 2025 average. A structural supply deficit is forming as Grasberg and Kamoa-Kakula production downgrades collide with surging power grid upgrades and data center wiring demand. Analysts expect Resource Industries to be a standout performer in H2 as price increases are passed down to the hyperscalers, and several pure-play copper miners still trade below $30 a share.
With that backdrop, here are four copper stocks trading under $30 that look positioned for the back half of the year.
Taseko Mines (NYSE: TGB)
Taseko Mines (NYSE:TGB) is a Canadian copper miner operating the Gibraltar mine in British Columbia and the newly commissioned Florence Copper project in Arizona. Shares recently traded at $7.49, a level that gives retail investors entry to a producer riding record copper prices. The stock has surged 278.28% over the past year and 32.33% year to date.
Q1 revenue jumped 70.39% to $237.09M, with adjusted EBITDA of $93.46M and Gibraltar copper output up 50% YoY to 30M lbs. The bull case is Florence ramping toward its 85M lb annual capacity with no hedged production, layered on top of Gibraltar guidance of 110 to 115M lbs. The risk: a $500M senior note maturity in 2030 and a 49.7% effective tax rate weigh on free cash flow conversion. Even so, Taseko’s dual-mine ramp looks like one of the cleanest leveraged plays on the copper deficit.
Hudbay Minerals (NYSE: HBM)
Hudbay Minerals (NYSE:HBM) operates copper assets across Peru, Manitoba and British Columbia, with a growth pipeline anchored by Copper World in Arizona. Shares trade at $25.02, up 228.64% over the past year and still below the $32.65 analyst target backed by six Strong Buy and 13 Buy ratings with zero Holds or Sells.
Q1 was a record: revenue of $757.3M, up 27.3% YoY, adjusted EBITDA of $421.9M, and an industry-leading consolidated cash cost of negative $1.80/lb net of by-product credits. HBM trades at 15x trailing earnings with EV/EBITDA of 6 and over $1B in cash. Catalysts include a Copper World definitive feasibility study, the pending Arizona Sonoran acquisition, and Copper Mountain ramping to 50K tpd. Risk: a $472.5M note maturity and Peru political exposure. With a 24% production growth profile, HBM is arguably the highest-quality name on this list.
Ero Copper (NYSE: ERO)
Ero Copper (NYSE:ERO) is a Brazil-focused producer running the Caraíba and newly commercial Tucumã copper mines plus the Xavantina gold operation. At $28.48, the stock sits below the $33.97 average analyst target and trades at just 7x forward earnings.
Q1 revenue rose 155.9% to $320.2M with operating income up 236%, even though management flagged Q1 as the weakest quarter of the year due to mine sequencing and seasonal rainfall. Full-year guidance calls for 67,500 to 77,500 tonnes of copper, roughly 20% growth versus 2025, with a clearly H2-weighted profile. The Furnas PEA outlines an after-tax NPV of $2.0B and a 27% IRR. Risks include BRL volatility and a gold collar capping upside at $4,350/oz. The setup matches the Resource Industries H2 thesis cleanly.
Capstone Copper (OTC: CSCCF)
Capstone Copper is a pure-play Americas copper producer dual-listed in Toronto, trading over the counter in the US at $9.22. The shares are up 85.51% over the past year despite a 7.89% year-to-date drawdown, leaving a wide gap to peers that have already re-rated.
The bull case is leverage: every penny copper moves flows through to a producer at this market cap, and the structural deficit narrative pushing peers like TGB and HBM higher applies equally here. The risk is information opacity. As an OTC foreign issuer, US-listed financial coverage is thinner and liquidity is lower than the NYSE peers above. Investors comfortable doing the SEDAR-side homework get a catch-up trade on a name that has lagged the group.
A share price below $30 is not, by itself, a reason to own any of these miners. Copper’s structural deficit story is compelling, but commodity cycles can turn quickly on Chinese demand, hedging mechanics or political risk in mining jurisdictions. Do your own research, size positions accordingly, and weigh balance sheets alongside the production growth narrative.