Why the Oz Minerals (ASX:OZL) share price, up 61% this year, could run higher

Shareholders of OZ Minerals Limited (ASX: OZL) can look back on a highly profitable 2020, so far. Despite plummeting 41% in the pandemic-driven market rout earlier this year, the OZ Minerals share price is up 61% since 2 January.

In comparison, the broader S&P/ASX 200 Index (ASX: XJO) is down 1.5% year-to-date.

The OZ Minerals share price action since the 23 March lows has been stellar, with the miner trading up 184% from those lows. And despite the strong share price gains Oz Minerals has already booked, there could be more ahead.

That’s because OZ Minerals’ owes much of its good fortune to the soaring price of copper, its primary focus. And as with most miners, its share price tends to rise (and fall) significantly more…