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Highlights

  • MAC Copper shares placed in trading halt pending a “potential control transaction” announcement.

  • Sandfire Resources leads the S&P/ASX 200 Index with a 4.81% surge amid rising copper prices.

  • Copper market gains 20% year-to-date, driven by global demand from renewable energy and electrification trends.

ASX copper shares are making headlines today, with MAC Copper CDI (ASX:MAC) entering a trading halt and Sandfire Resources Ltd (ASX:SFR) emerging as the significant performer on the S&P/ASX 200 Index.

In afternoon trade, the S&P/ASX 200 Index is up 0.17%, while the broader S&P/ASX All Ordinaries Index has edged 0.16% higher.

MAC Copper Trading Halt

Shares of MAC Copper were frozen from trade today following a request by the company. In a letter submitted to the ASX, the copper miner cited an upcoming announcement regarding a "potential control transaction" as the reason behind the halt.

MAC Copper stated that the trading pause would remain in place until the earlier of the forthcoming announcement or the opening of trade on Thursday.

The small-cap copper producer last traded at $15.51 per share before entering the trading halt. The company, formerly known as Metals Acquisition Limited, rebranded to MAC Copper around six months ago.

MAC Copper's flagship asset is the CSA Copper Mine, located near Cobar in New South Wales. Acquired from Glencore PLC in June 2023, CSA is regarded as one of Australia’s highest-grade copper mines. The mine is targeting annual production of over 50,000 tonnes by 2026.

According to brokerage firm UBS, MAC Copper shares have a 12-month price target of $21, implying an upside of around 35%. UBS also projects a rise in the company’s earnings per share (EPS) from US$0.54 in FY25 to US$2.43 by FY29.

Sandfire Resources Leads ASX 200

Meanwhile, large-cap copper producer Sandfire Resources is outpacing all other constituents of the ASX 200. Its share price is up 4.81% to $11.55, supported by gains in the global copper price.

The copper price is currently trading at US$4.8203 per pound, up 0.33% for the session. This follows a 4% rise in the previous session, pushing the metal's year-to-date gain to over 20%.

Demand for copper continues to surge, fuelled by the green energy transition, including infrastructure for electric vehicles (EVs), solar energy, wind turbines, and digital systems such as data centres.

Chris Beauchamp, Chief Market Analyst at IG, notes that copper demand could increase by 50% by 2040, driven by these trends. He adds that new mining developments will be necessary to meet projected demand and avoid severe supply shortages.