For investors seeking momentum, Global X Copper Miners ETF COPX is probably on the radar now. The fund just hit a 52-week high and is up 150.1% from its 52-week low price of $30.77 per share.
But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.
COPX in Focus
The underlying Solactive Global Copper Miners Total Return Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration. The fund charges 65 bps in fees and yields 2.63% annually (see all Materials ETFs here).
What Led to the Rise?
Copper prices have surged as fears of potential U.S. import tariffs triggered a rush to ship metal to the United States. The buildup of U.S. inventories, supply disruptions at major mines, and years of underinvestment have tightened global supply, while strong demand from energy transition uses and a broader metals rally have added momentum, per Bloomberg, as quoted on Yahoo Finance.
More Gains Ahead?
COPX may continue its strong performance in the near term, with a positive weighted alpha of 114.90 (as per Barchart.com), which suggests a further rally.
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Global X Copper Miners ETF (COPX): ETF Research ReportsThis article originally published on Zacks Investment Research (zacks.com).
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