COPX (COPX)
Sector Equity • Basic Materials
Market Cap: $4.70B
Last updated: Sep 01, 2026 at 10:00 AM ET
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COPX (COPX)
Basic Materials • USA
Sector Allocations
Note: Total allocation shown is 15.7%. Some sectors may not be classified.
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Holdings (6)
Related GNG Research
The Metal Hiding in Plain Sight: Why Copper Miners Could Be Your Best AI Trade
The AI Copper Intensity Gap: Jensen Huang: NVIDIA's GB200 uses 5,000 cables and 2 miles of copper because fiber would add 20kW of power overhead. AI hyperscale facilities need 50,000 tons of copper. The 29-Year Supply Problem: New copper mines take 17-29 years to permit and develop. The industry underinvested in the 2010s, ore grades are declining, and S&P Global projects supply peaks by 2030. BHP's $49B Signal: When the world's largest miner attempts a $49B takeover for copper reserves and projects AI will add 3.4M tonnes of annual demand by 2050, that's not speculation. The COPX Trade Setup: Global X Copper Miners ETF: 46 holdings, $7.26B AUM, 0.65% expense ratio. Returned 93% in 2025 with $2.1B inflows. Entry zone $75-82 on pullbacks. Risk Reality Check: China is 58% of copper demand. LME positioning stretched at 80th percentile. Copper spiked above $6.50/lb then dropped 15%. Recession would hurt regardless of AI buildouts. The Contrarian Angle: Everyone owns NVIDIA at 50x earnings. The copper miners trade at 21x forward with direct leverage to the same AI infrastructure buildout.
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