Global X Copper Miners ETF Surges 60% as Supply Deficits Grip Metal Markets

"The Global X Copper Miners ETF ( NYSEARCA:COPX) has delivered an eye watering 86% return the last year, reflecting a fundamental shift in copper's role in the global economy. The factors driving shares higher show little sign of fading in 2026. Trade policy changes have fundamentally altered the competitive landscape for domestic copper producers. Freeport-McMoRan ( NYSE:FCX) and Southern Copper ( NYSE:SCCO), two major COPX holdings representing nearly 10% of the portfolio, now operate in a shifting regulatory environment."

"COPX's strong performance wasn't driven solely by its largest positions. The fund's smaller international holdings, including Canadian and Chilean miners, appear to have delivered exceptional returns as global supply constraints tightened. The ETF holds 41 companies with top-ten concentration at 59%. According to the fund's fact sheet, copper consumption is projected to reach 43 million metric tonnes by 2050, up 65% from 2022 levels, driven by electric vehicles, renewable energy storage, and AI infrastructure buildout."

"For investors seeking broader metals exposure with lower fees, the iShares MSCI Global Metals & Mining Producers ETF ( NYSEARCA:PICK) offers a compelling alternative. With a 0.39% expense ratio versus COPX's 0.65%, PICK provides 14% copper exposure alongside steel, aluminum, and precious metals. The $886 million fund holds diversified miners including BHP, Rio Tinto, and Freeport-McMoRan, offering sector exposure without pure-play copper concentration risk. If copper prices moderate in 2026 while other industrial metals str"

COPX rose 86% over the last year amid a shift in copper's economic role driven by demand growth and supply constraints. Trade policy changes have altered the competitive landscape for domestic producers, affecting major holdings like Freeport-McMoRan and Southern Copper. Smaller international miners also delivered strong returns as global supply tightened. The ETF holds 41 companies with a 59% top-ten concentration and a projected long-term copper consumption increase to 43 million metric tonnes by 2050, driven by EVs, renewable storage, and AI infrastructure. PICK offers a lower-fee, more diversified metals alternative with 14% copper exposure.

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