Copper Price Rally Powers Hudbay Minerals in Q2 2026
Hudbay Minerals Inc. (NYSE: HBM) saw its shares rise in Q2 2026, driven by a 9.7% increase in copper prices, supported by demand from electrification, AI, and defense sectors. The L1 Long Short Fund, which holds a long position in HBM, reported a 12.7% quarterly gain. Copper supply remains constrained due to weak Chilean production, mine disruptions in Indonesia and the Democratic Republic of Congo, and higher sulfuric acid costs linked to the Middle East conflict. During the quarter, Hudbay completed its all-share acquisition of Arizona Sonoran, gaining 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. As of July 17, 2026, HBM closed at $20.36 per share, with a market cap of $9.04 billion, a one-month return of -27.05%, and a 52-week gain of 107.76%.
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