Sydney, Jan 28, 2026, 17:24 AEDT — Market closed
- Sandfire Resources ended the day 2.7% higher at A$20.25, staying close to the peak of its 52-week range
- Copper’s retreat from record highs has traders eyeing signals from the Fed and China’s demand outlook
- Investors are now focused on Sandfire’s half-year results, due Feb. 19, for signs of a second-half upswing
Sandfire Resources Ltd (ASX:SFR) climbed 2.7% to close at A$20.25 on Wednesday, nearing the upper end of its 52-week range despite a slight drop in the broader market. The stock fluctuated between A$19.545 and A$20.35 during the session. Meanwhile, the S&P/ASX 200 slipped 0.09%, even as big miners BHP Group and Rio Tinto gained roughly 1.7% and 2.4%, respectively.
This matters because copper has regained control of the daily tape. When the metal swings sharply, the “copper beta” stocks follow suit — and Sandfire has been among the quickest movers on the ASX.
Copper dipped as profit-taking gained momentum ahead of the U.S. Federal Reserve’s rate decision, underscoring that the rally isn’t without setbacks. The benchmark three-month copper contract on the London Metal Exchange fell 1.2% to $13,038 a metric ton Tuesday, after touching $13,311 the previous day. Meanwhile, LME copper stocks climbed to 172,350 tons — the highest level since May — as China prepares for Lunar New Year on Feb. 17. “Copper has had a strong run … it’s not surprising to see some investors lock in gains,” said ING analyst Ewa Manthey. Business Recorder
Sandfire’s latest update, out last week, showed group copper-equivalent production hit 72.1 thousand tonnes in H1 fiscal 2026—46% of the midpoint of its annual guidance. The company stuck to its FY26 production, cost, and capital forecasts, expecting output to pick up in the second half. For the December quarter, it reported unaudited sales revenue of $344 million and underlying EBITDA of $167 million. Net cash stood at $13 million as of Dec. 31, a swing from $62 million in net debt three months earlier. All figures are in U.S. dollars unless otherwise noted. CEO Brendan Harris said production “fell marginally short of our expectations” after Motheo accelerated plant maintenance following a SAG mill grate failure. He also flagged a proposed deal with Havilah for Kalkaroo involving a A$31.5 million cash payment plus A$15 million for a regional exploration alliance. Havilah’s shareholder vote is scheduled for Feb. 6. Sandfire
Traders are set to focus on copper in the next session, with equities coming after. A hawkish Fed could boost the dollar, putting a lid on commodity prices, while a softer stance might push those prices even higher.
Sandfire-specific positioning will also be a key factor. The company has warned that production will lean more heavily on the second half of the year, so any hiccup at Motheo or MATSA could hit harder than usual.
The downside risk remains clear-cut. A steeper drop in copper prices—or a renewed risk-off move triggered by unexpected rate shifts—could swiftly weigh on high-momentum miners. Sandfire’s stock, in particular, is already valued assuming the second-half rebound arrives as planned.
Investors are eyeing Sandfire’s half-year financial results due Feb. 19, with a focus on costs, cash flow, and how the second half shapes up.
