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• Copper price climbed further to hit an all-time high on Tuesday.
• Here are the top three copper stock worth owning in 2024.
• A brief overview of what each of these three has to offer.

Demand for copper in a diverse set of industries has been on the rise this year as the global economy continues to thrive.

In fact, the price of the industrial metal hit an all-time high on Tuesday. Here are the top three stocks that could benefit the most from record copper prices.
 

BHP Group Ltd (BHP)
 

BHP is a fine pick to play with continued demand and subsequently elevated price of copper as it operates one mine in Australia and several more in South America.

The New York listed firm is worth owning also because it has a 45% stake in Resolution Copper – one of the largest undeveloped copper projects in the world that is expected to produce 40 billion pounds of the industrial metal over 40 years.

BHP produced 1.72 million metric tons of copper in its latest reported financial year. Still, the Australian miner is committed to expanding its footprint in copper as evidenced in its recent $43 billion bid for Anglo American.
 

Southern Copper Corp (SCCO)
 

Southern Copper Corp makes it to our list of top copper stocks that are worth buying in 2024 because it’s among the world’s biggest integrated copper producers.

The mining giant based out of Phoenix, Arizona has capacity to materially increase its copper output as it holds the largest copper reserves as well.

In fact, $SCCO is committed to expanding production by a whopping 84% between 2022 and 2032. A bunch of large-scale expansion projects it has already secured approval for positions it well for long-term growth.  

Southern Copper expects to invest $1.8 billion annually on average to boost its copper production in a bid to take advantage of the rising demand and higher copper price.

Freeport-McMoRan Inc (FCX)
 

Any list of best copper stocks would be rather incomplete without the mention of Freeport-McMoRan considering it has the Grasberg mine in its portfolio.

That’s significant since the aforementioned mine located in Indonesia is currently one of the biggest single copper sources in the world. $FCX is expected to boost its annual copper output by some 800 million pounds in the near term.

Last month, Freeport-McMoRan reported its Q1 earnings that handily topped Street estimates as “market fundamentals for copper [remained] positive, supported by [its] increasingly important role in the global economy”.

Wall Street currently has a consensus “overweight” rating on Freeport-McMoRan which pays a dividend yield of 0.55% at writing.

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