Canadian investors may be missing one of the market’s clearest themes right now: copper. While plenty of attention still goes to artificial intelligence (AI) software and big tech, the quieter opportunity sits one layer deeper in the supply chain.
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Why copper?
Copper producers look appealing because the metal touches just about everything investors keep hearing about, from grid upgrades to electric vehicles to data-centre expansion. In fact, AI and defence could lift copper demand by 50% by 2040, with copper prices pushing to a seven-week high recently as supply worries and trade jitters kept the market tight.
That helps explain why copper stocks keep trending. Investors want exposure to growth, but many also want something more tangible than a software story. Copper gives them a way to play electrification, infrastructure, and industrial spending all at once. When markets start thinking about what powers AI rather than just what runs it, miners with strong assets suddenly look a lot more interesting.
There’s also a supply-side angle that keeps the trend alive. New mines take years to build, disruptions still pop up, and analysts keep debating whether the market will swing into bigger deficits. Even when forecasts differ, the long-term setup still looks attractive for producers that can grow output without blowing up their balance sheets. So, let’s look at two on the TSX today.
ERO
Ero Copper (TSX:ERO) runs copper operations in Brazil, with Caraíba as its core asset and Tucumã as the newer growth engine. Over the last year, Tucumã moved into commercial production, which changed the tone around the copper stock from “promising project” to “real output story.” Ero also posted record 2025 results, with revenue climbing to US$785.8 million from US$470.3 million in 2024, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped to US$409.7 million from US$216.2 million. Net income attributable to owners reached US$263.7 million, a sharp turnaround from a 2024 loss.
Valuation still looks fairly reasonable for a miner with that kind of growth. It’s not dirt cheap for a copper stock, but it also doesn’t look stretched if Tucumã keeps ramping and copper prices stay supportive. Management reaffirmed 2026 guidance for 67,500 to 77,500 tons of copper production, which would mark another step higher from 2025. The risk, of course, sits in execution. Single-asset hiccoughs, cost inflation, or weaker copper prices can still hit a growth miner hard.
HBM
Hudbay Minerals (TSX:HBM) gives investors copper exposure, but with more scale, more diversification, and a longer runway. The copper stock operates in Peru, Manitoba, and British Columbia, and it spent the last year proving it can still deliver through disruptions. In 2025, Hudbay generated record annual revenue of US$2.2 billion and record adjusted EBITDA of US$1.1 billion, while producing 118,188 tons of copper and 267,934 ounces of gold. Fourth-quarter revenue alone hit a record US$732.9 million.
The bigger story now is growth. Hudbay said 2026 copper production should rise 5% to about 124,000 tons, helped by higher throughput in British Columbia. It also extended Constancia’s expected mine life to 2040, and in March agreed to buy the remaining Arizona Sonoran stake in a deal worth about US$1.48 billion, adding even more long-term U.S. copper exposure. The stock is not exactly hiding anymore. Still, investors may accept that premium because Hudbay now has scale, improving cash flow, and major optionality through Copper World and Arizona. The main risk is that it has a lot of moving parts, and large growth plans always come with execution pressure.
Bottom line
The huge trend Canadian investors may be missing is not flashy at all. It’s simply the metal behind the buildout. Ero offers a higher-growth, more concentrated copper bet, while Hudbay brings size, diversification, and a deeper project pipeline. If copper stays central to the next phase of industrial growth, both copper stocks look like smart ways to get in before the trend feels obvious.
