FEATURE

Dr. Copper has a bit of a cold.

The industrial metal has taken a hit due to worries about the war in Iran and top mining stocks such as Freeport Mc-Mo-Ran have tumbled as well. But copper, given the Doctor nickname by traders who joke that it has a PhD in economics due to its close correlation to demand for key industrial and tech goods, may be about to perk up again.

Copper prices are down nearly 3% in the past five days to around $5.91 a pound in New York, or $12,910 a metric ton on the London Metal Exchange. The metal is still up about 4% for the year though.

Mining stocks have been even more volatile, with the

and

exchange-traded funds each down between 7% and 8% in the last five trading sessions. These ETFs have all surged about 20% in 2026, however.

But the prices of the metal, as well as key copper mining stocks and funds, rebounded Wednesday after their steep selloff Tuesday. (The same was true for precious metals such as gold and silver as well as their mining stocks.)

The comeback may not be over yet. Analysts at Citi argue that copper prices in London could bounce back to a range of $13,500 to $14,000 a metric ton within a matter of weeks. That is based on the belief that the Iran conflict will soon dissipate. But the volatility is likely to persist until there are further signs that the fighting will end.

In fact, the Citi analysts argued that copper prices could dip below $12,000 a metric ton before finally hitting bottom. They noted that worries about the conflict in the Middle East may boost inflation worries and lead to a strengthening dollar. That would reduce the odds of interest rate cuts by the Federal Reserve in the coming months. All of that is negative for copper in the near-term.

But the Citi analysts noted in another report from late February that demand for copper from both manufacturing companies as well as the increased buildout of data centers for artifiical-intelligence should steadily increase throughout the year. That’s bullish for copper prices and is a reason why investors should treat any further declines as a good buying opportunity.

And if that’s the case, copper mining stocks would benefit as well. Analysts at

Bank of America

said in a report Tuesday that “everybody seems to want more ‘future facing commodities,’ copper in particular.”

The BofA team said that the continued energy transition trend, including more electrification, as well as strong demand for AI and data centers, are reasons to be bullish on copper. Expectations for strong economic growth in India should lead to even more demand for copper.

As such, the BofA analysts think copper prices could hit $16,000 a metric ton, or $7.26 a pound, by the second half of next year. That’s nearly 25% higher than current prices.

Copper miners would benefit as well. BofA recommends pure play copper miners

Freeport-McMoRan

the London-listed and Chilean-based Antofagasta, Canada’s

Lundin Mining
Ivanhoe Mines

and

HudBay Minerals

as buys.

But the analysts also say investors should look for larger, more diversified mining companies that may have “very valuable ‘hidden’ copper businesses,” such as Anglo American, BHP, Glencore and Rio Tinto.

So go ahead and make an appointment to see Dr. Copper. Once the Iran-fueled volatility is over and the economy and stock market get back on more solid footing, copper prices and mining stocks should resume their climb.

Write to Paul R. La Monica at paul.lamonica@barrons.com