Copper Suddenly Steals the Spotlight

In 2025, gold has dominated the headlines. Gold has gained about 28% year-to-date, following a 27.2% rise in 2024.

Now that gold is taking a breather, copper is stealing the spotlight. Copper is flirting with record highs, thanks to supply constraints and uncertainty over tariffs. Over the past three months, copper prices have climbed by over 25%.

Could copper continue its bullish run? Let’s go to the charts to find out.

On its daily chart, the copper continuous contract is forming a huge ascending triangle pattern (black dotted lines). The pattern indicates that copper could eventually reach $6.00 per pound, which would mark a new all-time high.

Copper’s bullish ascending triangle pattern is more clearly visible on its long-term weekly chart:

Copper’s recent ascent has been accompanied by renewed interest in copper mining stocks. Let’s go to the charts to see which names in this sector present the best opportunities right now.

Freeport-McMoRan

On Wednesday, Freeport-McMoRan FCX shares jumped by 3.9% to reach their highest level in seven months (point A). The move occurred on the stock’s highest turnover in two months (point B), an indication that institutional traders may be behind the move. 

The stock vaulted past its 50-day (blue) and 200-day (red) moving averages, which are both turning higher. A so-called golden cross moving average crossover could occur soon (point C).

Freeport McMoRan shares have gained over 60% since the April 7 open. The next significant resistance level is just above $52 (black dotted line). This represents a potential additional gain of about 15%.

The next resistance level beyond $52 is near $54 (blue dotted line). A break of that level would put the stock at multi-year highs.

Freeport McMoran has been a core holding for years. We have no intention to sell. 

GRADE: A

Vale S.A.

Brazilian miner Vale VALE jumped 4.68% on Wednesday, causing the stock to break out to a new year-to-date closing high (point A). Like Freeport, Vale’s volume exploded, reaching its highest level since January (point B). 

Vale’s high volume breakout also pushed the stock above its 200-day moving average (red). The stock had been trapped below that key indicator for over a year. 

GRADE: B+

BHP Group Ltd.

One of the world’s largest mining companies, Australia-based BHP Group BHP has been producing copper, aluminum, and iron ore since 1885. Shares of BHP jumped by 5.5% on Wednesday. 

Despite the recent rally in copper, BHP is still mired in an 18-month long bear trend. BHP has traded below its 200-day moving average (red) since November of last year. 

GRADE: C

At the time of publication, Ponsi was long FCX.