CHART: Top miners leave money on the table amid copper price rally

While the trend is clearly downward since hitting record highs a month ago, copper is still trading within earshot of five digits per tonne.

The recovery since the depth of the pandemic lit a fire under copper stocks, but not all miners have been able to take full advantage of the rally. In fact, many big names have seen output drop this year, or showed tepid growth. 

Big names like BHP (reduced workforce in Chile), Southern Copper (lower grades), Antofagasta (reduced workforce) and Rio Tinto missed an opportunity, while for Norilsk (suspended operations), MMG (lower grades) and Vale (restrictions and maintenance) the start of the year was nothing short of dismal.