RBC says copper stocks undervalued despite record copper prices, sees operational risks ahead.

RBC Capital Markets reports that copper equities remain undervalued even as copper prices hit record highs, with shares pricing in a lower metal price than current market levels. Copper averaged $6.41 per pound in Q3, up 44% year-on-year, but North American producers price copper at about $5.03 per pound, a 23% discount to spot prices. RBC expects a strong Q3 for North American producers but warns of potential operational challenges from storms, higher costs, and project commissioning. The bank rates Atalaya Mining Copper and Ecora Royalties as 'outperform,' while Antofagasta is rated 'underperform.' Preferred stocks include HudBay Minerals, Capstone Mining, and First Quantum Minerals, with expectations of improved operations and potential mine restarts.

HudBay Minerals, one of the preferred stocks mentioned by RBC, has a market cap of $11.52 billion and a dividend yield of 0.11% on Pluang as of Oct 08, 2026 20:01 WIB. The stock price is currently USD 25.50 with a 1-day decline of 1.43%. This data provides a snapshot of how copper-related equities like HudBay are valued and traded on Pluang alongside the broader market context of copper's record prices and RBC's outlook.