According to Reuters on December 12, copper prices surged to new highs in December, supported by tight supply and strong demand from sectors like artificial intelligence and construction. The benchmark three-month copper contract on the London Metal Exchange reached US$11,952 per ton, approaching the symbolic US$12,000 mark and extending a rally that had gained about 35% year to date.
The momentum followed a revised U.S. economic growth forecast, with the Federal Reserve raising its 2026 projection from 1.8% to 2.3%. According to ANZ's Daniel Hynes in a December 12 write-up, "The combination of lower interest rates and stronger economic growth should boost copper demand." He noted that traders remained concerned about potential U.S. tariffs on refined copper, which continued to prompt metal inflows into the United States and tighten international availability.
The trend was further accelerated by China's reaffirmed commitment to proactive fiscal policies. On December 8, Cofco Futures Co. analyst Xu Wanqiu commented that "Copper will benefit from policy support toward power-grid upgrades, computing power. The momentum remains very bullish." The Chinese government's economic approach has been interpreted by analysts as a significant lift to industrial metals, especially as China remains the world's largest consumer of copper.
Citic Securities analysts added that global refined copper supplies could fall short by as much as 450,000 tons in 2026 due to stockpiling and disruptions. They stated that prices would need to average above US$12,000 per ton in 2026 to incentivize new mining capacity.
Tight Supply and Strategic Stockpiling Contribute to Copper Deficit
Morgan Stanley provided further context in a December 8 research note, estimating a 590,000-ton copper deficit for 2026. The firm attributed the widening shortfall to continued demand from energy storage systems and data centers, despite softening in some Chinese end-use sectors. It maintained a 2026 base case forecast of US$10,650 per ton, with a bullish scenario reaching US$12,780. The note also acknowledged potential downside risk if the United States were to definitively abandon tariff proposals on refined copper, which could release previously accumulated supply into the market.
Additional support for elevated prices has come from production setbacks at major global mining operations. Disruptions at several sites and lowered output guidance from producers have tightened the copper concentrate market. ING commodity strategists Warren Patterson and Ewa Manthey wrote that "Most base metals are likely to remain well supported next year," and pointed to US-bound refined copper flows as a factor that may continue constraining supply elsewhere. They projected copper would average US$11,500 per ton in 2026, peaking at US$12,000 in the second quarter.
Chile's national copper commission, Cochilco, raised its 2026 price forecast from US$4.30 per pound to US$4.55 per pound, reinforcing the sector's expectation of sustained upward pressure. ANZ economists also suggested China would likely maintain a 5% GDP growth target in 2026, a goal supported by robust export performance and domestic infrastructure investments.
The multi-faceted supply and demand picture has pushed copper to levels not seen before, underscoring the metal's continued importance in global industrial and technological development, according to analysts from ANZ, Citic Securities, and Morgan Stanley in the December Stockhead reports.
Intensifying Supply Crunch as Copper Hoarding Escalates in the U.S.
In a December 12 report, Frank Holmes, CEO and Chief Investment Officer at U.S. Global Investors, called 2025 "a heavily disrupted year" for copper mining and pointed to roughly 300,000 tons of reduced 2026 production guidance across several miners. He noted that mine supply was likely to be weakest during Q4 2025 and Q1 2026, suggesting the market was entering a clear deficit period in early 2026.
A December 14 report from CNBC highlighted growing concerns about refined copper availability due to physical hoarding in the United States, ongoing supply disruptions, and heightened arbitrage activity. According to the report, copper prices reached US$11,816 per ton on the London Metal Exchange (LME), bringing year-to-date gains to 36%. The rally was attributed in part to fears over potential U.S. tariffs on refined copper beginning in 2027, prompting traders to accelerate shipments into the country and tighten availability elsewhere.
Natalie Scott-Gray, senior metals analyst at StoneX, stated that "a huge amount of tightness has to do with U.S. tariff concerns with refined copper inflows into the U.S." She noted that inflows surged by 650,000 tons over the past year, pushing U.S. inventories to approximately 750,000 tons. Meanwhile, global LME copper inventories stood at 165,000 tons, with 40% marked for delivery, effectively removing that portion from the tradeable market.
Citi analysts forecast that copper could reach US$13,000 per ton in early 2026, and as high as US$15,000 by the second quarter. The firm cited strong demand from electrification and artificial intelligence infrastructure, along with projected deficits and sustained hoarding activity. "We expect the U.S. to hoard global copper inventory and, in a bull case, draw further on depleted ex-U.S. stock," Citi wrote in its outlook.
Similarly, Avatar Commodities CEO Andrew Glass described the current rally as "a highly irregular distortion," warning that the physical buildup of copper in the U.S. could drive "stratospheric new highs" in global pricing. ING's Ewa Manthey also supported the expectation of rising prices, projecting that copper would average US$12,000 per ton in the second quarter of 2026. She noted that higher copper costs could pressure margins in energy-intensive industries.
With copper prices reaching historic highs and market fundamentals pointing to continued tightness, a number of companies operating in the sector may benefit from the current environment. These include producers with existing output, developers advancing near-term projects, and explorers focused on high-potential jurisdictions.
Stillwater Critical Minerals Corp.
Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE) is advancing a large-scale, multi-metal resource in Montana that includes a significant copper component, positioning the company within the growing conversation around U.S. critical mineral security and copper supply constraints. Its flagship Stillwater West project hosts nickel, cobalt, and platinum group elements, but copper remains a key part of both the existing resource estimate and future development focus.
Stillwater, on December 15, announced that it entered into an agreement with Red Cloud Securities Inc. and Research Capital Corporation for a CA$10 million bought-deal private placement that, within hours, was upsized to CA$15 million. The underwriters will purchase 32,609,000 units at CA$0.46 per unit, each consisting of one common share and one-half warrant, with full warrants exercisable at CA$0.64 for 36 months. An overall allotment option for an additional 4,348,000 units could bring total gross proceeds to CA$17 million.
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Stillwater Critical Minerals Corp. (PGE:TSX.V; PGEZF:OTCQB; J0G:FSE)
Proceeds from the offering will support the advancement of Stillwater's flagship Stillwater West Ni-PGE-Cu-Co+Au project in Montana, as well as general corporate purposes. The offering is expected to close on or around December 30, 2025, subject to TSX Venture Exchange approval. Units issued under the listed issuer financing exemption will be immediately freely tradeable in Canada.
The most recent NI 43‑101 compliant resource estimate for Stillwater West included 1.6 billion pounds of nickel, copper, and cobalt combined, along with 3.8 million ounces of platinum, palladium, rhodium, and gold. The company is currently updating this estimate to incorporate results from recent drill campaigns, which included broad intervals of nickel equivalent mineralization with meaningful copper content. Stillwater has modeled over 20 kilometers of mineralized strike length, further defining its copper-bearing zones.
Couloir Capital issued a research note on October 6 with a Buy rating and raised its fair value estimate from CA$0.45 to CA$0.93 per share. The firm introduced a probability-weighted valuation framework and specifically cited the company's mix of battery and precious metals as a key value driver. Couloir stated that the Stillwater West project offered "a compelling opportunity to help close the U.S. critical mineral supply gap," with copper included among the 10 U.S.-designated critical minerals targeted by the company.
In an October 7 report, Red Cloud Securities mining analyst Taylor Combaluzier reiterated an earlier Buy rating and CA$1.20 target following a site visit, describing Stillwater as a "one-stop shop" for U.S. critical minerals. He emphasized the company's presence in a well-established mining jurisdiction and the potential to "significantly expand the current about 1,800,000,000 pounds of nickel equivalent resource base," which includes copper. He also highlighted U.S. government grant support, existing infrastructure, and technical leadership as competitive advantages.
Stillwater's copper exposure is further supported by strategic backing from Glencore Plc (GLEN:LSE; GLN:JSE; GLCNF:OTCMKTS), which holds a 15% stake in the company and has contributed CA$1.4 million as part of a larger 2025 financing. Glencore also participates in the Stillwater West Technical Committee, which provides input on project advancement and maintains a seat on the board. Glencore holds warrants that would provide Stillwater with an additional CA$7.8 million, reinforcing long-term interest in the project's copper and broader critical mineral potential.
Located in Montana's Stillwater Igneous Complex, the Stillwater West project is adjacent to operating mines and benefits from strong infrastructure access. Drill results from earlier in 2025 included long intercepts with internal zones of higher-grade nickel equivalent mineralization, with copper contributing to the overall metal values. One example, hole CM2023‑05, returned 294 meters grading 0.24% nickel equivalent, including 52.1 meters at 0.55% and 4.8 meters at 1.36%.
1Management and insiders own approximately 17% of Stillwater, according to the company, and high-net-worth investors own about 23%.
Executive Chairman and Director Gregory Shawn Johnson owns 2.86%, President and CEO Michael Victor Rowley owns 2.56%, Independent Director Gregor John Hamilton owns 1.65%, Independent Director Gordon L. Toll owns 0.44%, and Vice President of Exploration Daniel F. Grobler owns 0.23%, according to Reuters.
Institutions own approximately 30% of the company, and Glencore Canada Corp. owns 15%. About 15% of the company's shares are in retail.
There are about 273 million shares outstanding with 212 million free float trading shares, while the company has a market cap of CA$120 million and trades in a 52-week range of CA$0.0900 - CA$0.60.
Sun Summit Minerals
Sun Summit Minerals Corp. (SMN:TSX.V; SMREF:OTCQB) is advancing exploration at its JD Project in British Columbia's Toodoggone District, a region known for both high-grade epithermal gold systems and porphyry-style copper-gold mineralization. In late October 2025, the company reported one of its most significant copper results to date: surface sampling returned grades as high as 73.6% copper and 6,320 grams per tonne silver from a newly discovered zone south of the main Finn to Creek corridor. A second sample from the same area yielded 72.4% copper with 4,370 grams per tonne silver.
The discovery was made through hand trenching of gossanous soils at a target known as A535, an area with no prior rock or soil sampling. According to the company, semi-massive to massive copper sulfides were exposed in a subcropping vein over a length of five meters. The strike extent of the zone remains unknown, but further trenching and prospecting is planned. The company indicated that this copper-silver target is now a priority for follow-up exploration and drill testing.
These results were part of a larger geological mapping and prospecting program conducted over a 20-day period in 2025, during which more than 650 rock samples were collected across the 15,000-hectare JD property. On November 3, Couloir Capital highlighted the copper-silver mineralization, stating that the new data "outline multiple new targets and support follow-up drilling and resource expansion work across the district-scale land package." The program also included sampling across other zones with porphyry potential, including the JD porphyry trend and McClair East.
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Sun Summit Minerals Corp. (SMN:TSX.V; SMREF:OTCQB)
Jay Taylor of Energy & Tech Stocks provided positive coverage of Sun Summit Minerals in his November 30, 2025, update, focusing on the company's consistent success at the JD Project. Taylor cited earlier intercepts, including 122.5 meters of 2.11 grams per ton gold from hole CZ-24-004 and 78.0 meters of 3.72 grams per ton gold from CZ-25-007, as evidence of a steadily expanding gold system. He referred to the company's September 8 release as a turning point and called the October 29 copper-silver trenching results significant. Taylor noted the strong 81.0-meter intercept announced on November 25 and wrote that the Creek Zone had now been confirmed to 150 meters vertical depth. He was awaiting further assay results to assess the project's 2026 potential.
Brien Lundin of Gold Newsletter issued a buy recommendation for Sun Summit Minerals in his December 11, 2025, commentary, calling the company "one of the better buys in the market right now." He highlighted the JD Project in British Columbia as a standout among junior explorers, pointing to the emergence of multiple mineralized systems across a large land package. Lundin emphasized the significance of the A535 copper-silver trenching discovery, which returned 73.6% copper and 6,320 grams per ton silver, and a strong 81.0-meter intercept grading 4.80 grams per ton gold from drill hole CZ-25-021 at the Creek Zone. He noted that this was the best hole to date and that 6 of 21 assays from the fall drill program remained pending at the time of writing.
The JD Project is located in a region that previously supported copper production at the Kemess open-pit mine and remains the focus of advanced-stage development by other operators. Sun Summit's proximity to past-producing and active exploration assets provides logistical advantages, including access to roads and the Kemess hydroelectric corridor. The company's copper-bearing zones occur within a broader geological setting that supports both epithermal and porphyry-style systems.
While the company's 2025 drill campaign concentrated on expanding the Creek Zone's gold footprint, porphyry copper-gold targets such as Belle South and the JD porphyry trend remain key elements of its longer-term exploration plans. The Belle North area, for example, returned additional copper values up to 3.6% in surface sampling, along with elevated silver and gold content.
Sun Summit has also reported that 532 rock samples from its 2025 field program remain pending, many from the JD porphyry trend and adjacent copper-prospective areas. In parallel, results are pending from the company's 6,864-meter drill program, including core from two holes at Belle South. According to management, these datasets will help refine the 3D geological model and inform future copper exploration across the property.
15.9% of Sun Summit Minerals Corp is owned by management and insiders.
Sun Summit has a market cap of CA$30 million with 219.6 million free float shares and a 52-week range of CA$0.065 to CA$0.34.
Giant Mining
Giant Mining Corp. (CSE: BFG; OTC:BFGFF; FWB:YW5) is advancing metallurgical testing at its flagship Majuba Hill project in Nevada, with a renewed focus on understanding copper recovery across oxide, transition, and sulphide zones. The decision follows a series of historical test programs and recent drill results, and comes as copper prices remain elevated near all-time highs.
The Majuba Hill property, located in Pershing County, has long been known for its copper endowment. Earlier campaigns yielded high-grade intervals, including 74 feet averaging 2.6% copper and 30.1 grams per tonne silver in hole MHB-30, within a broader 218-foot zone grading 1.35% copper. Giant Mining's current work seeks to build on these results by updating recovery data under modern standards.
The company has highlighted the need to modernize and expand on metallurgical studies conducted before it acquired the project. In 2012 and 2013, testing on reverse circulation samples produced copper recoveries of 60% to 84.6% depending on grade and method, while silver recovery ranged from 44.5% to 74.9% in flotation tests completed in 2017. These results, while promising, were not conducted under today's QA/QC protocols and are considered historical.
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Giant Mining Corp. (CSE: BFG;OTC:BFGFF;FWB:YW5)
To guide the new metallurgical program, Giant Mining is collaborating with RESPEC Company LLC to refine the geological model and incorporate recently obtained silver assay data. The updated modeling will support the selection of recovery pathways for copper, including heap leach, flotation, and vat leach options, as well as potential downstream processing scenarios.
Majuba Hill has a documented history of copper production. Historical underground mining at the site produced 2.8 million pounds of copper, in addition to silver and gold by-products. The current exploration and testing are focused on expanding known mineralization through core drilling and geological interpretation across the 9,684-acre project, which includes over 400 federal lode claims.
In 2025, Giant Mining drilled over 5,400 feet across five holes, including MHB-36, which targeted geophysical anomalies generated through AI-driven resistivity modeling. The hole successfully encountered vein-hosted chalcopyrite at approximately 650 feet, further validating the project's copper potential at depth.
Nevada remains one of the most favorable jurisdictions for mining investment. According to the Fraser Institute's 2024 survey, the state ranked second globally for overall mining attractiveness. Majuba Hill benefits from proximity to infrastructure, including electricity, water, and transportation routes connected to regional mining hubs such as Reno and Winnemucca.
While Giant Mining holds a minority stake in a separate gold project in Idaho, its principal focus continues to be Majuba Hill and its copper system. With global supply chains under pressure and demand for copper tied to infrastructure, electrification, and technology, the project's next phase of metallurgical work is intended to clarify potential recovery pathways and support ongoing exploration planning.
Important Disclosures:
- Coppernico, Stillwater Critical Minerals, Giant Mining, and Sun Summit are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Coppernico, Giant Mining, Stillwater Critical Minerals, and Sun Summit Minerals.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
