Copper Price Rally Powers Hudbay Minerals in Q2
L1 Capital's L1 Long Short Fund reported strong Q2 2026 performance, rising 12.7% versus the ASX200AI's 4.0%, driven by gains in copper-related holdings like Hudbay Minerals (HBM). Hudbay shares rose alongside a 9.7% increase in copper prices, supported by demand from electrification, AI, and defence sectors. Copper supply remains constrained due to weak Chilean production, mine disruptions in Indonesia and the DRC, and higher sulfuric acid costs from the Middle East conflict. During the quarter, Hudbay completed its all-share acquisition of Arizona Sonoran, securing one of the largest growing copper districts in North America. The fund maintains a positive medium-term outlook on copper due to global supply tightness. Hudbay closed at $20.36 on July 17, 2026, with a market cap of $9.04 billion, posting a 107.76% gain over 52 weeks but a 27.05% one-month decline.
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