The copper market has experienced significant volatility in the first half of 2026, with prices reaching unprecedented levels. The red metal has been buoyed by a combination of geopolitical tensions and supply chain disruptionscreating a favorable environment for copper mining and exploration companies, particularly in Australia.
The most notable disruption has been the US-led conflict with Iranwhich has severely impacted shipping through the Strait of Hormuz. This has not only driven up energy prices globally but also hindered the supply of sulfura crucial component in the refining process for base metals, including copper.
The Impact on Copper Prices
On May 13, 2026copper prices hit a record high of US$14,097 per tonne on the London Metals Exchange. Although prices have since retreated slightly, they have remained within a range of US$13,500 to US$14,000. Similarly, the COMEX saw its own record high of US$6.68 on the same day, with prices continuing to trade higher.
These elevated prices have provided a significant boost to Australian copper-mining and exploration companies. On June 9, 2026a list of the best-performing copper stocks on the ASX was generated using TradingView’s stock screener, considering companies with market caps above AU$10 million.
Top Performing Copper Stocks on the ASX
Cobre (ASX:CBE)
Cobrea copper-focused company, has seen a remarkable year-to-date gain of 210 percentwith a market cap of AU$308.85 million and a share price of AU$0.31. The company’s portfolio includes assets in ChileBotswanaand Western Australia.
On February 12, 2026Cobre raised AU$60 million and entered into a binding agreement with Minera Salar Blanco to acquire up to a 51 percent stake in the Sierra Atacama copper project in the Antofagasta region of Chile. This project hosts an operational underground mine producing around 400 tonnes of copper cathode per month.
By March 26, 2026Cobre amended the agreement to acquire up to a 56 percent interest in the property. The company plans to optimize current operations, expand production to around 1,000 tonnes per monthand develop an open-pit mine. Additionally, Cobre has been active at its Ngami copper project in Botswana, producing a maiden resource estimate in.
Alma Metals (ASX:ALM)
Alma Metals has achieved a year-to-date gain of 133.33 percentwith a market cap of AU$33.52 million and a share price of AU$0.014. The company is focused on its flagship Briggs copper project in Eastern Queensland.
An updated resource estimate from shows the Briggs central deposit hosts significant resources of copper, molybdenum, and silver. Metallurgical test work completed in demonstrates potential copper recoveries of up to 95 percent. On January 27, 2026Alma released assays from 2026 exploration work, reporting a broad interval of 620 metres from near surface grading 0.25 percent copper.
On April 28, 2026Alma commenced an infill drilling program at Briggs, and on May 6, 2026the company completed an oversubscribed share placement, raising AU$4 million to fund drilling and other activities.
Anax Metals (ASX:ANX)
Anax Metals has seen a year-to-date gain of 88.89 percentwith a market cap of AU$57.92 million and a share price of AU$0.034. The company is advancing its Whim Creek copper-zinc project in Western Australia.
On February 5, 2026Anax announced its strategic outlook for the first half of 2026, including the completion of an updated definitive feasibility study (DFS). The updated DFS, released on February 24, 2026demonstrated strong project economics with a pre-tax net present value of US$501 million.
Anax has been working to raise capital for exploration and business activities, including commitments of AU$10 million on March 18, 2026and another AU$6 million on June 3, 2026. The company also hired Nick Jolly as a non-executive director on June 3, 2026.
Raptor Metals (ASX:RAP)
Raptor Metalspreviously named Eastern Metals, has achieved a year-to-date gain of 52 percentwith a market cap of AU$27.41 million and a share price of AU$0.038. The company focuses on projects in Canada and Australia.
On January 22, 2026Raptor completed its acquisition of the Chester and Turgeon copper-zinc projects in New Brunswick, Canada. The Chester project hosts a JORC-compliant indicated resource of 4.87 million tonnes of ore grading 1.13 percent copper.
On February 3, 2026Raptor commenced a 2,200 metre diamond drill program at Chester, with initial results released on May 25, 2026. The company also announced the acquisition of the Silverjack and Heron prospectsas well as the Foghorn projecton May 7, 2026.
Austral Resources Australia (ASX:AR1)
Austral Resources has seen a year-to-date gain of 47.37 percentwith a market cap of AU$217.07 million and a share price of AU$0.084. The company focuses on operations in Queensland, Australia.
Austral’s primary site is the Lady Annie mine in Queensland’s Mount Isa region, which produced 2,644 tonnes of copper cathode in the December quarter of 2026. The company also owns the Rocklands copper projectwhich is on care and maintenance but expected to restart operations in mid to late 2027.
On June 4, 2026Austral shared updates on the refurbishment of the mine and the purchase of an unused SAG mill. Additionally, the company entered into a binding document with Glencore to acquire the Lady Loretta mine on February 16, 2026.
Austral has also been active at its Snow Queen prospectupdating assays for a previously reported drill hole on May 13, 2026.
