Copper has started 2026 near $5.89 per pound as of January 9, 2026 (Trading Economics and CME Group data), building on 2025's 40%+ rally that reflected surging demand from electrification, AI infrastructure, renewables, and persistent supply constraints. Analysts across major institutions (J.P. Morgan, Goldman Sachs, Bank of America) project averages of $5.50–$6.00 per pound in 2026, with longer-term forecasts pointing to sustained deficits into 2030.
For aspiring retail investors with 2–5 years in the junior mining space — those actively learning through newsletters YouTube channels such as Mining Stock Education, and conferences like the Precious Metals Summit — copper's structural story offers compelling opportunities. You're seeking undervalued plays without excessive risk, balancing growth and stability while diversifying beyond gold and lithium.
This guide walks through building a starter portfolio of good value copper stocks, focusing on Canadian copper stocks on the TSX copper mining stocks with strong fundamentals. These aren't recommendations but observations of value copper stocks trading at discounts to peers or with attractive risk/reward for buying copper stocks for 2026.
Important disclaimer: This is educational commentary based on public market data and analyst reports as of January 10, 2026. It is not investment advice, a recommendation to buy, sell, or hold any security, or an endorsement of any company. All investments involve risk, including complete loss of capital. Prices and conditions change rapidly. Conduct your own thorough due diligence and consult qualified professionals.
Copper's 2026 Outlook: Why Now for a Starter Position
Copper's rally reflects real fundamentals: demand growth from EVs (10–15% annual increase projected), data centers, and grids meeting delayed supply response (few new mines before 2028–2030, BloombergNEF December 2025 report).
The International Copper Study Group (ICSG) reported a 178,000 metric ton refined surplus for 2025, but 2026 forecasts show deficits of 150,000–330,000 tonnes as demand outpaces supply (Argus Media January 5, 2026). Wood Mackenzie projects a 304k tonnes shortfall for 2025–2026.
Analysts like Goldman Sachs (December 2025) see $10,000–$11,000/mt ($4.54–$4.99/lb) in 2026, while J.P. Morgan forecasts $12,500/mt ($5.67/lb) in Q2 2026. BHP CEO Mike Henry told CNBC in December 2025: "Supply challenges aren’t going anywhere" into 2026+.
This environment favors good value copper stocks for copper investment strategy 2026 — names with strong fundamentals trading below peers or with low enterprise value relative to resources.
Criteria for Identifying Good Value Copper Stocks
Value isn't just low price. It's quality at a discount.
Key filters for copper stocks entry point:
Competitive Costs: All-in sustaining costs (AISC) <$3.00/lb for producers.
Strong Balance Sheets: Cash > debt, runway >18 months for juniors.
Resource Growth Potential: Expanding tonnes at low discovery cost.
Management Track Record: Prior exits or builds in copper.
Valuation Metrics: P/NAV <0.8× or EV/lb <$0.10 for developers/explorers.
Catalysts: Defined 2026 milestones (drills, studies, production ramps).
These create copper stocks with strong fundamentals for start a position in copper stocks.
Notable Value Opportunities on the TSX
Here are select Canadian copper stocks trading at attractive valuations (observations only, data as of January 10, 2026, per Yahoo Finance, TMX Money, and company filings):
Teck Resources Ltd (TECK.B.TO): Price ~CA$64.50, market cap ~CA$33.5 billion. Diversified with major copper exposure; earnings growth 35%+ projected (Simply Wall St January 2026); strong balance sheet post-coal divestiture.
Lundin Mining Corp (LUN.TO): Price ~CA$18.50, market cap ~CA$14.3 billion. Copper-focused with growth in Chile/Brazil; production guidance 319,000–337,000 tonnes for 2025; undervalued on cash flow basis (Motley Fool January 2026).
Ivanhoe Mines Ltd (IVN.TO): Price ~CA$18.75, market cap ~CA$23.9 billion. Kamoa-Kakula ramping; 2025 production exceeded guidance; attractive EV/lb relative to peers (Seeking Alpha December 2025).
First Quantum Minerals Ltd (FM.TO): Price ~CA$22.50, market cap ~CA$18.7 billion. Cobre Panama restart discussions; strong African assets; undervalued with growth potential (Yahoo Finance January 2026).
Hudbay Minerals Inc (HBM.TO): Price ~CA$12.80, market cap ~CA$5.0 billion. Copper Mountain integration; 2025 production hit guidance; low multiples despite growth (Yahoo Finance).
Capstone Copper Corp (CS.TO): Price ~CA$9.50, market cap ~CA$7.1 billion. Mantoverde ramp-up; 2025 production exceeded targets; value play with expansion upside (Yahoo Finance).
Ero Copper Corp (ERO.TO): Price ~CA$30.50, market cap ~CA$3.1 billion. Tucumã project ramp; strong Brazilian assets; undervalued on growth (Yahoo Finance).
These represent a mix of producers and developers — many with catalysts ahead.
Copper Investment Strategy 2026: Starting Positions
Copper investment strategy 2026 favors value:
Stress-test at $4.00–$4.50/lb
Add on 10–15% dips
5–15% portfolio allocation
Best copper stocks to buy for 2026: Those with catalysts and discounts.
What to Do If You Missed the Copper Rally
Don't chase. Instead:
Wait for corrections
Focus on value copper stocks with 2026 catalysts
Start small
Blend with gold for balance
Many 2025 laggards could catch up if fundamentals hold.
Risks to Consider
Economic slowdown muting demand
New supply from expansions
Volatility from tariffs/geopolitics
Jurisdiction-specific issues
The Bottom Line
Good value copper stocks abound on the TSX — undervalued copper stocks with strong fundamentals offering attractive entry points for 2026 positions.
In a bull market, value compounds. Start a position in copper stocks thoughtfully, and let the cycle work.
Stay selective,
CanadianMiningReport.com
P.S. Value opportunities shift with markets. In The Wealthy Miner community, we track undervalued names and entry zones weekly. Join if you'd like ongoing discussion.
Author
Ben McGregor authors the Weekly Roundup at CanadianMiningReport.com, providing sharp analysis of the metals and mining sector. With a talent for spotting trends, Ben distills complex market shifts into clear, engaging insights on TSXV junior miners. His weekly updates cover gold, copper, uranium, and more, blending data-driven perspectives with a knack for identifying opportunities. A vital resource for investors, Ben’s work navigates the dynamic junior mining landscape with precision.