Jefferies' Top Copper Mining Stocks to Watch

Investing.com – Jefferies lists its top copper mining stocks in the context of easing geopolitical tensions and the commodity market adapting to global changes.

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The investment bank notes that if current conflicts are resolved or eased in the short term, and market positions related to the war are gradually unwound, copper stocks could perform well. Jefferies expects physical asset trading to regain momentum, benefiting precious metals and copper in particular.

Although the firm anticipates that the impact of Gulf countries on the global energy market and aluminum supply will persist, it believes copper mining companies are well-positioned for recovery.

Here are Jefferies’ most favored copper stocks:

1. Glencore — This diversified mining giant is at the top of Jefferies’ preferred copper companies. The firm believes that as geopolitical risks diminish and commodity markets normalize, Glencore will be a major beneficiary.

Glencore announced that its merger talks with Rio Tinto have ended. Reports indicate the company is also close to a deal to sell its stake in Kazzinc, a Kazakhstan-based producer, for about $4 billion.

2. Freeport-McMoRan — Based in Arizona, this copper producer ranks second on Jefferies’ preferred list. The bank emphasizes that as market positions related to the war reverse, Freeport-McMoRan is a key copper stock likely to perform strongly.

Recent news shows that Freeport-McMoRan has signed an agreement with the Indonesian government to extend its operating rights at the Grasberg mine. The company also received upgrades from Argus and Freedom Capital Markets, raising their stock ratings to buy.

3. Anglo American — Anglo American ranks among the top three and is favored by Jefferies. The diversified mining company is expected to benefit from the resolution of conflict-driven market dynamics.

Anglo American reported Q4 2025 earnings and revenue that exceeded analyst expectations. Deutsche Bank also maintained a buy rating and raised its target price.

Jefferies’ analysis indicates that any signs of easing in current geopolitical tensions will lead investors to reallocate toward physical assets, benefiting copper mining companies.

This outlook contrasts with its expectations for coal and aluminum, which may decline even in a recovery scenario. Jefferies’ selection of copper stocks reflects its view that these mining companies are best positioned to capitalize on potential market shifts and the broader recovery of commodity trends.

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