에 대한 최신 뉴스 Global X Copper Miners ETF (ARCA:COPX)

Global X Copper Miners ETF

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The fund invests at least 80% of its total assets in the securities of the underlying index and in American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) based on the securities in the underlying index. The underlying index is designed to measure broad-based equity market performance of global companies involved in the copper mining industry. The fund is non-diversified.

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Kghm Polska Miedz Sa

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Teck Resources Ltd

Bhp Group Ltd

Freeport-Mcmoran Inc Common Stock Usd 0.1

Glencore Plc

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Southern Copper Corp

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구리와 철광석 가격은 4개월 만에 최고치를 기록했고, 철강 생산량은 2021년 이후 가장 강세를 보이고 있으며, 비금속 재고는 계절적으로 사상 최저치를 기록하는 중이다. 결론적으로 중국의 수요가 살아난다면 공급이 부족한 실물 시장이 강세장의 발판이 될 수 있다. 

활기찬 중국 금속 시장, 원자재 투자자에게 의미하는 바는?

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녹색 전환이 가속화됨에 따라 재생 에너지 인프라, 전기 자동차(EV) 및 전력망에서 중요한 역할을 하는 구리에 대한 수요가 급증했다. 기업들이 새로운 광산을 건설하기 위해 안간힘을 쓰고 있음에도 불구하고 2035년에는 구리 부족량이 수백만 톤에 달할 수 있으며, 이로 인해 과학자와 엔지니어는 알루미늄과 같은 대체 물질을 모색하게 된다.

알루미늄이 구리 대체재로는 부족하다고 퍼시픽 노스웨스트 국립연구소 발표

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ICOP

LUNMF

TECK

전 세계가 전기화된 미래로 나아가면서 구리 시장은 중요한 기로에 서 있다. JP모건의 애널리스트인 패트릭 존스(Patrick Jones), 그렉 시어러(Greg Shearer) 및 빌 피터슨(Bill Peterson)의 통찰은 구리 가격에 대한 단기적인 장애물과 전기차 및 공급 동태의 변화에 의해 주도되는 화려한 장기 전망을 제시한다.

구리의 고공행진: EV, 신기술이 이 금속의 다음 대혁명을 이끌 수 있을까?

China's metal markets are waking up post-Lunar New Year, and JPMorgan analyst Dominic O'Kane is tracking <a href="https://www.benzinga.com/markets/commodities">some eye-catching trends</a>.
Copper and iron ore prices are at four-month highs, steel output is the strongest since 2021, and base metal inventories are running at record-low seasonal levels. 
The takeaway? A tight physical market could be setting the stage for a bullish move—if China's demand kicks in.
Read Also: <a href="https://www.benzinga.com/government/regulations/25/02/43603930/tech-stocks-surge-steelmakers-jump-on-trumps-25-tariffs-copper-hits-9-month-highs-whats-driving-markets-monday">Tech Stocks Surge, Steelmakers Jump On Trump&#8217;s 25% Tariffs, Copper Hits 9-Month Highs: What&#8217;s Driving Markets</a>
<h2 class="wp-block-heading">Copper's Mixed Signals</h2>
Copper prices have climbed 5% in the last two weeks to around $9,500 per ton, but China's domestic demand isn't quite keeping pace. JPMorgan points out that physical copper demand is lagging seasonal norms, reflected in a 20% drop in China's copper premia. 
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook">Copper Stocks On Shaky Ground, JPMorgan Analysts Say: Tariffs, DeepSeek Cloud Outlook</a>
Still, O'Kane notes that global macro forces—like a strengthening yuan and anticipation of U.S. metal tariffs—are helping keep LME copper elevated. With inventories at five-year lows, JPMorgan sees copper climbing to $10,400 per ton by the fourth quarter of 2025.
For investors looking to capitalize, United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) and Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) offer exposure to copper's momentum.
<h2 class="wp-block-heading">Iron Ore Rallies Amid Supply Disruptions</h2>
Iron ore prices have surged 10% since January to $105 per ton, fueled by cyclone-related supply hits in Western Australia. While steel rebar demand in China took a weather-related dip, steel production is running at the fastest pace since 2021. JPMorgan is watching China's annual National People's Congress (March 5) for potential policy support that could further boost steel and iron ore markets.
Investors eyeing the iron ore trade might look at VanEck Steel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>) and iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>) for broad exposure.
<h2 class="wp-block-heading">Aluminium &amp; Zinc: Low Inventories, Limited Demand</h2>
Aluminium and zinc inventories are at multi-year lows, signaling tight supply. However, demand remains sluggish post-New Year, with aluminium inventories rising by 110kt last week. JPMorgan projects aluminium prices at $2,763 per ton for 2025, but stronger demand signals are needed for a sustained rally.
For those bullish on aluminium, iPath Series B Bloomberg Aluminum Subindex Total Return ETN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JJU#NYSE">JJU</a>) offers direct exposure.
<h2 class="wp-block-heading">Investors Await Next Big Move</h2>
China's metal markets are in flux—tight supplies and record-low inventories are colliding with sluggish post-holiday demand. 
JPMorgan's O'Kane sees China's upcoming policy moves as a key catalyst for the next leg in metal prices. 
With copper and iron ore already running hot, investors should keep an eye on ETFs like COPX, SLX, and PICK to position for the next big move.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/02/43492445/critical-metal-demand-to-triple-by-2030-but-demographics-pose-risks">Critical Metal Demand To Triple By 2030, But Demographics Pose Risks</a></li>
</ul>

iPath DJ-UBS Aluminum Subindex Total Return ETN

China's Metal Markets Are Stirring - Here's What It Means for Commodity Investors

The energy transition is reshaping the global mining industry, with demand for critical minerals expected to surge over the coming decades. A shift toward renewable energy and electrification drives demand for commodities like copper, nickel, and <a target="_blank" href="https://www.benzinga.com/etfs/23/07/33233340/rare-earth-elements-explained" rel="noreferrer noopener">rare earth elements</a>.
According to BDO's Annual Mining Report, the demand for key energy transition minerals will <a target="_blank" href="https://www.bdo.co.uk/en-gb/insights/industries/natural-resources-and-energy/annual-mining-report" rel="noreferrer noopener">nearly triple by 2030</a> and quadruple by 2040.
Copper remains a cornerstone of the transition, as it is the only critical mineral vital for all clean energy technologies, such as solar, wind, electric vehicle (EV) manufacturing, and power grids.
While copper prices hit a record high in mid-2024, they later softened due to weak demand from China's property market. In 2025, forecasts suggest continued price constraints due to high inventories despite the long-term positive outlook.
Merger and acquisition activity has surged – with mining giant BHP <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve" rel="noreferrer noopener">unsuccessfully bidding</a> for Anglo American and launching a <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40031488/bhp-to-unlock-south-american-copper-riches-partners-with-lundin-for-filo-acquisition" rel="noreferrer noopener">joint venture</a> with Lundin. Meanwhile, sector leader Freeport-McMoRan is opting for <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/09/41098074/freeport-mcmoran-sticks-with-organic-growth-takes-advantage-of-geodiversity" rel="noreferrer noopener">capex-driven internal expansion</a>.
Nickel, a metal essential for battery technologies, has faced a turbulent period. In 2024, an oversupply from Indonesia and China led to <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39749321/bhp-halts-nickel-mine-were-not-able-to-overcome-economic-challenges-driven-by-oversupply" rel="noreferrer noopener">mine closures</a>, including those operated by Glencore and BHP. However, a rebound is expected in 2025 as supply surpluses narrow and demand for EV batteries remains strong.
Despite the forecasted price stabilization, industry players remain cautious, with some automakers shifting towards alternative battery chemistries that reduce dependence on nickel.
Zinc, another key transition metal used in wind and solar infrastructure, experienced a sluggish first half of 2024 due to subdued industrial activity but rebounded later in the year thanks to Chinese stimulus measures.
In 2025, BDO expects the demand to strengthen as renewable energy projects ramp up. Still, supply constraints and logistical challenges may continue to drive price fluctuations.
The rare earth element market is also in focus as countries look to diversify their supply chains since the U.S., China, and Myanmar account for 92% of global production.
President Donald Trump's recent remark shows the importance of this group of metals, which is vital for producing magnets.
"We're looking to do a deal with Ukraine where they're going to secure what we're giving them with their rare earths and other things," he said,<a target="_blank" href="https://www.reuters.com/markets/commodities/trump-says-he-wants-ukraine-supply-us-with-rare-earths-2025-02-03/" rel="noreferrer noopener"> per</a> Reuters.
Looking forward, despite opportunities created by the energy transition, BDO notes a pressing demographic challenge.
Per McKinsey's <a target="_blank" href="https://www.mckinsey.com/industries/metals-and-mining/our-insights/has-mining-lost-its-luster-why-talent-is-moving-elsewhere-and-how-to-bring-them-back" rel="noreferrer noopener">survey</a> of Canadian mining companies, 70% of people between 15 and 30 years old would not consider working in mining. Meanwhile, between 2016 and 2022, the number of mining engineering graduates in the U.S. fell by 41%.
While the industry tries to reverse the trend by integrating advanced technologies and enhancing sustainability efforts to create a more attractive work environment – closing the skills gap remains a key. To drive the next phase of mining evolution, the future workforce will need expertise in automation, AI, and environmental management.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/02/43432736/copper-stocks-on-shaky-ground-jpmorgan-analysts-say-tariffs-deepseek-cloud-outlook" target="_blank" rel="noreferrer noopener">Copper Stocks On Shaky Ground, JPMorgan Analysts Say: Tariffs, DeepSeek Cloud Outlook</a></li>
</ul>
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Global

PowerShares Dynamic Basic Materials Sector Portfolio

Market Vectors Rare Earth/Strategic Metals Etf

REMX

SLVP

Critical Metal Demand To Triple By 2030, But Demographics Pose Risks

Chile has rejected the proposed $2.5 billion Dominga iron and copper mining project. Andes Iron, a domestic <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">exploration and mining company</a>, aimed to establish two open-pit mines and a seaport near the Humboldt Penguin National Reserve.
However, the regulators rejected the project again, citing environmental concerns for an area home to a unique mix of species, including Humboldt penguins, dolphins, and endangered parrots.
The mines were expected to extract 12 million tons of iron and 150,000 tons of copper annually for 22 years, generating 1,400 jobs in a country that is the world's top copper producer.
In 2017, socialist President Michelle Bachelet's administration first rejected the project, leading to the resignation of two top ministers. In 2019, the Chilean Supreme Court ordered a reevaluation, and under the current government of President Gabriel Boric, the project was rejected again in January 2023.
This latest decision by Chile's Committee of Ministers follows an environmental court's mandate to revisit that ruling.
The project's potential impact on biodiversity influenced their decision. The committee noted a lack of a credible mitigation plan, particularly for the burrowing parrot, whose habitat and food sources were inadequately assessed.
"It was not possible to determine or evaluate the real impact on these species," the committee stated.
As <a target="_blank" href="https://www.reuters.com/markets/commodities/chile-rejects-environmental-permit-dominga-copper-iron-mine-2025-01-08/" rel="noreferrer noopener">per</a> the Reuters report, Andes Iron criticized the ruling, accusing the government of bias since the nearby Cruz Grande port received environmental approval.
"The action of the Committee of Ministers sets an unfortunate precedent never seen before in the history of Chile in terms of environmental permits," the company said in a <a target="_blank" href="https://www.dominga.cl/andes-iron-llama-al-comite-de-ministros-a-respetar-fallo-de-justicia-ambiental/" rel="noreferrer noopener">statement</a>.
Despite continuously rejecting this prospective project, Chile remains committed to growing its copper output. State-owned miner Codelco recently showed <a target="_blank" href="https://www.benzinga.com/news/guidance/25/01/42840568/chiles-codelco-targets-turnaround-with-modest-copper-output-increase-and-strategic-lithium-ventures" rel="noreferrer noopener">signs of a production turnaround</a> and is raising $1.5 billion in bonds to fund its capital expenditure plans.
After spending between $4 and $5 billion last year, these expenditures could reach nearly $6 billion in 2025, aiming to push the copper output toward the goal of 1.7 million tons per year by the decade's end. The financing deal, sourced by Bank of America, Citigroup, JPMorgan Chase &amp; Co., and Banco Santander, is expected to close by January 13.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/global/25/01/42884764/how-trump-could-impact-chinas-role-in-emerging-greenland-mining-frontier" target="_blank" rel="noreferrer noopener">How Trump Could Impact China's Role In Emerging Greenland Mining Frontier</a></li>
</ul>
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Chile Rejects Dominga Project Once Again, Taps Debt Market To Help Its Copper Growth

KoBold Metals, the AI-driven mining startup backed by Bill Gates and Jeff Bezos, has secured $537 million in its Series C funding round. The latest funding round gives the Berkeley-based company a valuation of $2.96 billion and fresh capital to pursue ambitious goals in the <a target="_blank" href="https://www.benzinga.com/markets/commodities" rel="noreferrer noopener">critical minerals sector</a>.
Durable Capital Partners LP and T. Rowe Price funds led the round, alongside contributions from existing investors such as Andreessen Horowitz Growth, Breakthrough Energy Ventures, and Mitsubishi Corporation, as well as new players like StepStone Group and WCM Investment Management.
This latest injection brings KoBold's total fundraising to $1 billion. The funds will accelerate exploration, develop high-potential projects, and enhance its R&amp;D capabilities.
KoBold's innovative approach relies on artificial intelligence to locate deposits of vital minerals such as copper, cobalt, lithium, and nickel. The company's proprietary technology aggregates data from sources like satellite imagery and historical drilling reports to create a detailed "Google Maps" of the Earth's crust, pinpointing untapped resources that traditional methods might miss.
Using this technology, KoBold discovered a <a target="_blank" href="https://www.benzinga.com/news/24/02/36940360/kobold-metals-announces-historic-copper-discovery-in-zambia" rel="noreferrer noopener">substantial copper deposit</a> in Zambia's Copperbelt. The Dumbwa target, part of the Solwezi project, exhibited promising results, including drilling highlights of 16 meters at 1.24% copper. KoBold's $2 billion Mingomba site is set to produce at least 300,000 tons annually by 2030, making it Zambia's largest copper operation.
"About 40% of the new capital will go toward advancing existing projects into production, with Zambia receiving the lion's share," KoBold's CEO and co-founder Kurt House <a target="_blank" href="https://www.koboldmetals.com/news/mining-startup-kobold-metals-valued-at-2-96-bn-after-closing-537m-series-c/?aid=01" rel="noreferrer noopener">said</a> to the Financial Times.
With 60 active projects across continents, including partnerships with mining giants like BHP and Rio Tinto, the firm is ready to reshuffle the industry. House noted they plan to aggressively expand the team, particularly seeking data scientists, while expanding into new jurisdictions such as Finland and Botswana. The company also aims to go public within three to five years.
Despite changes in U.S. political leadership, House expressed confidence in bipartisan support for critical mineral initiatives. "There is very broad bipartisan support for diversifying [the] supply of critical minerals because this is a national security priority," he said.
U.S. foreign policy is aiding companies like KoBold. President Joe Biden's <a target="_blank" href="https://www.benzinga.com/markets/emerging-markets/24/10/41416913/bidens-farewell-to-africa-strategic-motives-behind-first-and-only-presidential-visit" rel="noreferrer noopener">last official trip</a> to Angola discussed revitalizing the Lobito railway line to facilitate mineral transport across Angola, Zambia, and the Democratic Republic of Congo. Thus, firms like KoBold would benefit from better infrastructure while bolstering Western access to strategic resources and reducing reliance on China-dominated supply chains.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/commodities/25/01/42759408/gold-prices-to-climb-7-in-2025-amid-trumps-return-to-white-house-and-geopolitical-tensions-momentum-is-taking-back-over" target="_blank" rel="noreferrer noopener">Gold Prices To Climb 7% In 2025 Amid Trump's Return To White House And Geopolitical Tensions: ‘Momentum Is Taking Back Over'</a></li>
</ul>
Photo via via Shutterstock

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Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 3X Shares

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WisdomTree Trust WisdomTree Artificial Intelligence and Innovation Fund

WTAI

Bill Gates And Jeff Bezos Backed Mining Startup Raises $537 Million, Targets Going Public In Few Years

As the green transition accelerates, demand for copper has surged, driven by its critical role in renewable energy infrastructure, electric vehicles (EVs), and power grids. Despite companies scrambling to launch new mines, the shortage of copper could reach millions of metric tons by 2035, prompting scientists and engineers to explore <a href="https://www.benzinga.com/topic/aluminum">alternatives like aluminum.</a>
Aluminum shares many of copper&#8217;s desirable properties, including high conductivity and corrosion resistance. The Earth's crust contains as much as 8.1% aluminum, which forms in bauxite ore, making it the most abundant metal on the planet. Meanwhile, copper deposits form through the mineralization of primary ore deposits deeper below the surface, making them harder to find and extract and less abundant.
Aluminum&#8217;s applications extend beyond EVs to power grids and renewable energy systems, like overhead power lines, solar panel frames, and wind turbine components. While subsea cables and critical transformer windings still favor copper for its superior conductivity and resistance to fatigue, aluminum&#8217;s role in renewable energy is growing.
Per Auke Hoekstra, a researcher from the University of Eindhoven, &#8220;almost all copper in electric vehicles can be replaced by <a href="https://www.shapesbyhydro.com/en/material-properties/how-we-can-substitute-aluminium-for-copper-in-the-green-transition/">aluminum</a>, from the motor windings to the wire harness.&#8221; However, despite its lighter weight, which makes it advantageous in fuel efficiency, aluminum has just 60% of copper&#8217;s conductivity.
Furthermore, aluminum production is energy-intensive, requiring between 13 to 15 megawatt hours to produce one metric ton of molten aluminum. Additionally, aluminum has higher creep rates and oxidation tendencies, imposing design restrictions and material treatment challenges. 
Therefore, copper remains the material of choice for high-demand scenarios requiring durability and compactness, such as underground power lines, high-voltage transformers, and dense circuit boards.
In 2022, a team of researchers led by Keerti Kappagantula of the Pacific Northwest National Laboratory worked on <a href="https://www.pnnl.gov/news-media/cooking-conductive-alternative-copper-aluminum">increasing</a> aluminum's conductivity through simulations that altered the metal's structure, removing or rearranging individual atoms. Still, Kappagantula's recent <a href="https://scholar.google.com/citations?hl=en&amp;user=-ixY5zAAAAAJ&amp;view_op=list_works&amp;sortby=pubdate">work</a> indicates that the focus has switched to graphene, a carbon allotrope and the strongest material ever measured on the microscopic scale. 
The material's popularity is notably present in the  U.S. Department of Energy's ongoing multi-million-dollar <a href="https://www.nrel.gov/news/program/2023/stage-2-winners-of-a-manufacturing-prize-are-supercharging-u-s-industries.html">competition</a> to develop conductivity-enhanced materials. Three out of seven competitors focus on copper-composite materials, two of which include graphene.
By introducing graphene, researchers aim to reduce resistance at the atomic level, unlocking new efficiencies while preserving copper&#8217;s inherent advantages. In a Net Zero world, there are two options: increase copper supply or maximize efficiency.
The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) has underperformed the market year-to-date, returning 13.40%. Its P/E ratio is 10.90x, well below the S&amp;P 500 30.4x ratio.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42243885/copper-supply-gap-drives-mcewens-2-5b-fundraising-for-los-azules">Copper Supply Gap Drives McEwen&#8217;s $2.5B Fundraising For Los Azules</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Aluminum Falls Short As Copper Substitute, Says Pacific Northwest Lab

As the world hurtles toward an electrified future, the copper market <a href="https://www.benzinga.com/topic/copper">stands at a crossroads</a>. 
Insights from JPMorgan analysts Patrick Jones, Greg Shearer and Bill Peterson paint a complex picture: short-term hurdles for copper prices, but a glittering long-term outlook driven by electric vehicles and evolving supply dynamics.
This could seem as good news for those invested in United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>) for the long-term.
<h2 class="wp-block-heading">EV Boom: Supercharging Copper Demand</h2>
The electric vehicle revolution is set to electrify copper demand. JPMorgan predicts copper usage in EVs will more than double from 1.4 million metric tons in 2023 to 3 million by 2030. While some worry that technological advances like thinner copper anode foils could dampen demand, the analysts argue otherwise. 
Larger EV sizes and a pivot toward lithium-iron-phosphate (LFP) batteries — which are more copper-intensive — are expected to drive long-term growth.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41337566/trump-2-0-trade-policies-could-hit-copper-stocks-harder-warns-jpmorgan-analyst">Trump 2.0 Trade Policies Could Hit Copper Stocks Harder, Warns JPMorgan Analyst</a>
<h2 class="wp-block-heading">New Technologies: Leaching A Lifeline?</h2>
Leaching technologies are generating buzz, but can they revolutionize copper supply? Not yet, say the analysts. While projects from major miners like Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) are on the horizon, these advancements are unlikely to offset supply declines before 2030.
At best, leaching could add 550,000 metric tons annually, just 2% of global supply.
<h2 class="wp-block-heading">Scrap &amp; Recycling: The Unsung Hero?</h2>
Recycling is a crucial cog in the copper machine, accounting for about 17% of refined supply in 2024, up from 14% in 2020. JPMorgan forecasts scrap supply will grow by 5-6% annually, faster than historical rates, yet insufficient to bridge the long-term deficit. Recycling alone won't solve copper's supply crunch.
<h2 class="wp-block-heading">Near-Term Risks, Long-Term Rewards</h2>
JPMorgan warns of near-term risks from macroeconomic pressures, particularly a potential devaluation of the Chinese yuan to 7.8 to 8.0 per U.S. dollar. This could lead to a 12-15% dip in copper prices, presenting headwinds for equities. However, the analysts remain bullish on the long-term trajectory, underpinned by a looming supply-demand gap.
Their picks? 
Lundin Mining Corp (OTCPK: LUNMF) leads in EMEA, while Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) tops the Americas. Asia-Pacific favorites include Zijin Mining and Merdeka Copper, with caution advised on Jiangxi Copper and Sandfire Resources.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41877899/trump-re-election-jolts-metals-market-as-gold-sees-a-stumble-not-a-sea-change">Trump Re-Election Jolts Metals Market As Gold Sees A &#8216;Stumble, Not A Sea Change&#8217;</a></li>
</ul>
Image: Shutterstock

Copper's High-Wire Act: Can EVs, New Tech Power The Metal's Next Big Surge?

Copper stocks, like Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>), may face another turbulent period if Donald Trump <a href="https://www.benzinga.com/topic/donald-trump">returns to office.</a>
JPMorgan analyst Bill Peterson warns that Trump 2.0&#8217;s trade policies could deal an even more significant blow than his first term.
<h2 class="wp-block-heading">Trump 1.0 Vs. Trump 2.0: Higher Stakes, Bigger Tariffs</h2>
During Trump&#8217;s presidency, the 2018 trade war slapped a 25% tariff on Chinese imports, leading to a sharp downturn in metal prices and causing global mining stocks to fall by over 10%.
Copper, a key indicator of global economic health, was hit hard as fears of slowing demand and higher costs rippled through the markets. The United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) serves as a performance barometer for copper as a commodity. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) tracks the equity of copper miners, with its top holdings including KGHM Polska Miedz SA (OTCPK:KGHPF), First Quantum Minerals Ltd (OTCPK:FQVLF), Teck Resources and Freeport-McMoRan.
Peterson said that if Trump returns to the White House, his proposed Trump 2.0 policies could increase tariffs on Chinese imports to 60%, a significant escalation that would amplify trade tensions.
He suggests that while China&#8217;s share of U.S. imports has dropped from over 21% in 2018 to under 14% in 2023, the sheer size of the tariff increase could lead to even more significant disruptions in global copper demand, potentially increasing the impact by 40%.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/10/41176539/vale-plans-to-expand-copper-output-invests-184m-for-domestic-critical-minerals">Vale Plans To Expand Copper Output, Invests $184M For Domestic Critical Minerals</a>
<h2 class="wp-block-heading">The Great Copper Rollercoaster: Boom, Bust, Repeat?</h2>
Comparing the two periods, Trump's 2016 election win initially buoyed copper stocks, with investors optimistic about deregulation and infrastructure spending. 
However, the optimism quickly faded as the trade war unfolded in 2018, causing copper prices and related stocks to plunge. A similar pattern could unfold under Trump 2.0: a post-election boost followed by another painful downturn if tariffs escalate, according to the analyst.
Adding further uncertainty, Peterson points to upcoming Federal Reserve rate cuts.
<h2 class="wp-block-heading">History&#8217;s Lesson: Copper Tariffs Are Trouble</h2>
Historically, industrial metals like copper have underperformed following rate-cutting cycles, with the Bloomberg Industrial Metals Index typically falling 6% on average within nine months of cuts. 
Despite being long-term bullish on copper due to structural demand, Peterson advises caution in the near term, as macro risks remain significant.
The lesson from Trump 1.0 is clear: tariffs led to a steep decline in copper equities, and Trump 2.0's aggressive stance could trigger a similar or even worse outcome for the sector.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/commodities/24/10/41295764/copper-rebounds-as-chinas-stimulus-boosts-market-sentiment-but-us-elections-loom-large">Copper Rebounds As China&#8217;s Stimulus Boosts Market Sentiment, But US Elections Loom Large</a></li>
</ul>
Photo: Shutterstock

FQVLF

KGHPF

Trump 2.0 Trade Policies Could Hit Copper Stocks Harder, Warns JPMorgan Analyst

After correcting over 22% since its peak at $5.08 per pound in May, copper finally found its footing after China announced significant stimulus measures. The market is now awaiting Saturday&#8217;s comments from China&#8217;s Finance Minister Lan Fo&#8217;an, who could clarify the stance on further infrastructure spending and commodity demand, which would be positive<a href="https://www.benzinga.com/topic/copper"> for copper prices</a>.
However, this rebound is not rooted in supply-side constraints. Chilean state miner Codelco reported a 10.1% increase in copper production in August, alleviating immediate concerns about shortages.
From a performance standpoint, copper miners have had a strong year. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) is up 25.7% year-to-date, outpacing the S&amp;P500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), which has gained 22.54%.
Still, JPMorgan warned that U.S. elections could introduce significant volatility into the metals markets. 
"Metals markets aren't pricing in significant risk premiums for trade-related outcomes, like higher tariffs, despite this being a concern raised by clients," JPMorgan's Executive Director of Mining Equity Research Dominic O'Kane wrote in a note,<a href="https://www.bloomberg.com/news/articles/2024-10-10/jpmorgan-says-european-miners-underpricing-us-election-risk"> according</a> to Bloomberg.
The investment bank also downgraded Anglo American (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTCQX">AAUKF</a>) from Overweight to Neutral but set its new price target slightly higher, at £23.35 ($30.50). The British multinational miner made headlines earlier this year when BHP's <a href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve">failed $49 billion bid </a>marked a short-term peak in copper prices.
Yet, despite the decline since the peak in May, the long-term bullish thesis about electric vehicles (EVs) remains intact.
Copper's role in EV production—used in wiring and batteries—solidifies its position in the green energy transition. According to Rho Motion,<a href="https://rhomotion.com/news/china-first-country-to-sell-over-a-million-evs-in-a-month/"> EV</a> sales in the U.S. and Canada continue to grow around 9% year-to-date, and while there has been some volatility in quarterly sales this year, the overall growth trajectory is strong.
IXM's head of refined metals, Tom Mackay, noted that demand for copper in EVs remains healthy despite short-term uncertainties, Reuters reports.
On the technical side, copper is still not in the clear. The metal established a low on Aug. 7, following a broader market selloff. Since then, it rose from $3.95 per pound to a new high of $4.67. Currently, it remains between $4.40 and $4.60, where a decisive break of these levels would open the doors to a more significant move—a feat that might play out after the November elections.
Read Next:  
<ul>
<li><a href="https://www.benzinga.com/government/24/10/41289306/serbian-parliament-doesnt-pass-lithium-ban-keeps-rio-tintos-major-project-alive">Serbian Parliament Doesn&#8217;t Pass Lithium Ban, Keeps Rio Tinto&#8217;s Major Project Alive</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

AAUKF

Copper Rebounds As China's Stimulus Boosts Market Sentiment, But US Elections Loom Large

U.S. metals and mining stocks posted their strongest one-day rally of 2024 on Tuesday, driven by China&#8217;s unexpected <a href="https://www.benzinga.com/markets/asia/24/09/41003814/chinese-stocks-jump-as-central-bank-unveils-major-stimulus-to-spur-economy-a-step-in-the-right-direc">and substantial monetary easing. </a>
The People&#8217;s Bank of China&#8217;s (PBoC) stimulus measures, including cuts to the reserve requirement ratio and repo rates, boosted global demand for raw materials, sparking a surge in metal prices and mining stocks.
The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) surged 4.2%, marking its best one-day performance since November 2023. The move reflected heightened optimism in the sector, which benefits heavily from demand in China, the world's largest consumer of raw materials.
<h3 class="wp-block-heading">Chart: Metals &amp; Mining Stocks Mark Best Day In Almost A Year</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="371" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1024x371.png" alt="" class="wp-image-563348" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1024x371.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-300x109.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-768x278.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190-1536x556.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/24101235/image-190.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent092424&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">Precious, Industrial Metals Shine</h3>
Gold prices hit yet another fresh record on Tuesday, rising 0.3% to $2,638 per ounce, the highest in history, as the metal benefited from expectations of higher liquidity from global central banks. 
The People&#8217;s Bank of China&#8217;s 50-basis-point cut to the reserve requirement ratio is expected to boost bank lending, while the reduction in key interest rates provides relief to heavily indebted sectors. This move is also seen as a strong signal that further monetary easing may be on the horizon.
Silver jumped 1.2%, while copper saw an even bigger rally, surging over 3%. The broad gains in metals prices were driven by expectations of increased Chinese demand, as the country&#8217;s easing measures are aimed at stimulating domestic economic activity.
Last week, the Federal Reserve slashed interest rates by 50 basis points to 4.75%-5%, offering another strong tailwind to metal commodities. 
<h3 class="wp-block-heading">Mining Stocks, ETFs Post Gains</h3>
Mining-related stocks and ETFs are enjoying strong performance Tuesday. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) climbed over 6%, reflecting the sharp increase in copper prices, while the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 2%.
Here's a look at the five strongest performers within the SPDR S&amp;P Metals &amp; Mining ETF stocks on Tuesday
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Company</th>
<th>Price</th>
<th>1-Day Return</th>
</tr>
</thead>
<tbody>
<tr>
<td>MP Materials Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>)</td>
<td>$15.72</td>
<td>+10.48%</td>
</tr>
<tr>
<td>Ramaco Resources, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/METC#NYSE">METC</a>)</td>
<td>$11.04</td>
<td>+8.83%</td>
</tr>
<tr>
<td>Warrior Met Coal, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCC#NYSE">HCC</a>)</td>
<td>$59.94</td>
<td>+7.81%</td>
</tr>
<tr>
<td>Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>)</td>
<td>$36.78</td>
<td>+7.45%</td>
</tr>
<tr>
<td>Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>)</td>
<td>$12.74</td>
<td>+7.36%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 10:30 a.m. ET Photo via Shutterstock. </figcaption></figure>

Large Cap

Mid Cap

Small Cap

BABA

KWEB

METC

Gold Breaks Records On China's Policy Stimulus: Mining, Metal Stocks Exhibit Strongest 1-Day Rally In 2024

June closed on a high note for the stock market, with the S&amp;P 500, tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), gaining 3.2%, despite significant disparities in <a href="https://www.benzinga.com/etfs">sector and industry performances.</a>
The technology sector, as tracked by the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>), led the 11 S&amp;P 500 sectors in performance last month, surging 7.7% and achieving its strongest monthly gain this year. 
In stark contrast, utilities lagged, with the Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) dropping 6.3%, marking the worst month since September 2023.
<h3 class="wp-block-heading">Top Performing Industry ETFs In June</h3>
The iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>) rallied 11.3% last month, topping the rankings among industry ETFs. 
Hot on its heels was the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>), which climbed 8.4%, showcasing strong momentum in the semiconductor sector. 
Since hitting its low in October 2023, the VanEck Semiconductor ETF has rallied by an astounding 87%, and over 200% since October 2022, reflecting the spectacular growth in AI-driven stocks.
Securing the third spot in terms of monthly performance, the SPDR S&amp;P Biotech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>) gained 4%. 
Within the software sector, standout performers included Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), which surged by 24.9%, CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) with a 22.1% increase, and Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>), up by 20%.
Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) led chipmakers with a 21% rise. Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) followed closely with a 19.7% increase, and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) posted an 18% gain. 
Among chipmakers, Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), Universal Display Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>) and Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) led gains, with performances of 21%, 19.7% and 18%, respectively.
In the biotech arena, Scilex Holding Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCLX#NASDAQ">SCLX</a>) experienced a 78.8% spike, making it the top industry gainer. Alnylam Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>) surged by 63.7%, while Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>) saw a robust 52% increase.
<h3 class="wp-block-heading">Top Performing Industry ETFs By Inflows In June</h3>
Examining fund flows, the VanEck Semiconductor ETF has emerged as a top choice for investors, attracting over $1 billion according to Tradingview data, and achieving its ninth consecutive month of inflows. Year-to-date the fund has registered $4.60 billion in net inflows.
The iShares Expanded Tech-Software Sector ETF pulled in approximately $480 million in June, breaking a six-month streak of outflows and registering its highest monthly inflows since September 2022. Yet, its year-to-date net flows are still negative, down by $1.15 billion. 
The iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>) collected $148 million in inflows last month, reflecting strong investor interest. Another industry witnessing robust inflows was represented by the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which attracted about $130 million.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39577080/manufacturing-contracts-more-than-expected-in-june-putting-pressure-on-profitabilit">Manufacturing Contracts More Than Expected In June, &#8216;Putting Pressure On Profitability&#8217;: Yields Rise, Stocks Fall</a></li>
</ul>
Photo: Shutterstock

Biotech

Equities

Broad U.S. Equity ETFs

Health Care

ADBE

ALNY

AVGO

CRWD

OLED

ORCL

QRVO

iShares FTSE NAREIT Residential PLUS Capped Index Fund

SCLX

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Top Performing Industry ETFs In June: Software Leads Returns, Chipmakers Attract Most Inflows

Futures on U.S. equity indices inched slightly higher in Friday premarket trading after the Fed&#8217;s favorite inflation gauge, the Personal Consumption Expenditure (PCE), fell to 2.6% year-on-year <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39547288/feds-preferred-inflation-gauge-falls-to-lowest-level-since-november-2021-relieves">in May, as expected.</a>
It marked the lowest inflation rate since March 2021, bolstering market expectations for upcoming Fed interest rate cuts.
After the PCE price index report, traders increased their wagers on a September rate cut, assigning a 68% chance according to CME Group&#8217;s FedWatch tool.
Restricting the screener to stocks with a market cap above $50 billion, here are the top performers following the PCE price index report, according to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro</a>.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Southern Copper (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>)</td>
<td>1.64%</td>
</tr>
<tr>
<td>Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>)</td>
<td>1.29%</td>
</tr>
<tr>
<td>Toronto-Dominion Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TD#NYSE">TD</a>)</td>
<td>0.82%</td>
</tr>
<tr>
<td>Deere &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>)</td>
<td>0.76%</td>
</tr>
<tr>
<td>GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>)</td>
<td>0.71%</td>
</tr>
<tr>
<td>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)</td>
<td>0.61%</td>
</tr>
<tr>
<td>ServiceNow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>)</td>
<td>0.58%</td>
</tr>
</tbody>
</table>
</figure>
Exchange traded funds (ETFs) rallying following the inflation data were: 
<ul>
<li>Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) up 1.6%</li>
<li>iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) up 1%</li>
<li>SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) up 0.9%</li>
<li>The Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) up 0.9%</li>
<li>VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) up 0.7%</li>
</ul>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39531404/bank-of-america-analyst-highlights-fed-stress-test-opacity-varying-bank-impacts-gol">Bank of America Analyst Highlights Fed Stress Test Opacity, Varying Bank Impacts: &#8216;Goldman Sachs Worst Hit, Huntington Best&#8217;</a></li>
</ul>
Photo: Shutterstock

Economics

Market Vectors ETF Trust Market Vectors Gold Miners

INTU

SCCO

7 Stocks, 5 ETFs Move On Friday As Fed's Preferred Inflation Rate Hits 3-Year Low

The investment landscape for copper has been ignited by recent bullish predictions, particularly from prominent hedge fund <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">manager Pierre Andurand</a>. 
Andurand's <a href="https://www.ft.com/content/725234a6-9e6f-4a4a-9406-2bda667ca511">forecast</a> of copper prices reaching $40,000 per tonne underscored a compelling investment opportunity in copper miner stocks and the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>).
Here are the drivers behind his optimistic outlook for copper. Benzinga will also touch upon the performance and holdings of the Global X Copper Miners ETF and examine technical indicators to present a comprehensive case for investors.
<h1 class="wp-block-heading">Copper Demand-Supply Dynamics</h1>
Copper, a critical metal in the energy transition, is poised for significant demand growth. Andurand&#8217;s prediction is based on the increasing electrification of the world, including:
<ul>
<li>electric vehicles</li>
<li>renewable energy infrastructure</li>
<li>military applications</li>
<li>data centers</li>
</ul>
As these sectors expand, the demand for copper is expected to double, outpacing supply, which traditionally takes about 15 years to develop new mines.
<h1 class="wp-block-heading">Pierre Andurand's Bullish Outlook For Copper</h1>
Andurand, known for his success in commodities trading, shifted his focus to copper after experiencing setbacks in the oil market.
His Commodities Discretionary Enhanced fund rebounded from a 55% loss last year and is now up 83% year-to-date, largely due to diversified commodity investments.
He believes current supply constraints and robust demand will propel copper prices to unprecedented heights.
<h1 class="wp-block-heading">COPX ETF Overview</h1>
The Global X Copper Miners ETF (COPX) offers a targeted investment in copper mining companies. With an expense ratio of 0.65%, the ETF has shown impressive returns:
<ul>
<li>3 Month Return: 32.70%</li>
<li>YTD Return: 27.36%</li>
<li>1 Year Return: 39.32%</li>
</ul>
<h1 class="wp-block-heading">Key Holdings</h1>
Global X Copper Miners ETF's portfolio includes leading copper miners, reflecting a diversified exposure to the industry (Company name, U.S.-listed ticker, allocation%):
<ol>
<li>First Quantum Minerals Ltd. (OTCPK:FQVLF) &#8211; 5.31%</li>
<li>KGHM Polska Miedz S.A. (OTCPK: KGHPF) &#8211; 5.30%</li>
<li>Boliden AB (OTCPK:BDNNY) (OTCPK: BLIDF) &#8211; 4.82%</li>
<li>Lundin Mining Corp. (OTCPK: LUNMF) &#8211; 4.72%</li>
<li>Teck Resources Limited Class B (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) &#8211; 4.69%</li>
<li>BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) &#8211; 4.64%</li>
<li>Glencore plc (OTCPK: GLCNF) (OTCPK: GLNCY) &#8211; 4.60%</li>
<li>Zijin Mining Group Co., Ltd. Class H (OTCPK: ZIJMF) (OTCPK: ZIJMY) &#8211; 4.58%</li>
<li>Antofagasta plc (OTCPK: ANFGF) &#8211; 4.54%</li>
<li>Freeport-McMoRan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) &#8211; 4.51%</li>
</ol>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38292100/freeport-mcmoran-vs-teck-resources-which-copper-stock-has-more-upside">Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?</a>
<h1 class="wp-block-heading">Charts Indicate Bullish Outlook For Global X Copper Miners ETF</h1>
The technical indicators for Global X Copper Miners ETF reveal a moderately bullish trend, with buying pressure suggesting a positive outlook.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM.png" alt="" class="wp-image-357042" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
The Global X Copper Miners ETF share price is $48.66 while the 8-day simple moving average (SMA) is $49.98, which signals short-term bearishness.
However, the 20-day SMA at $48.35 and the 50-day SMA at $45.74 both indicate a bullish momentum. The 200-day SMA stands at $38.34, further reinforcing the bullish signal as the stock price remains well above it.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM.png" alt="" class="wp-image-357043" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
The Moving Average Convergence Divergence (MACD) indicator is 1.21, suggesting bullishness, while the Relative Strength Index (RSI) at 53.65 indicates that the ETF is neither oversold nor overbought. 
Additionally, the Bollinger Bands support bullish signals as the ETF is trading within the upper range.
Given the bullish forecast for copper prices, driven by robust demand and constrained supply, copper miner stocks and the COPX ETF represent a compelling investment opportunity. 
Andurand's expertise and confidence in the market, coupled with strong ETF performance and supportive technical indicators, suggest that investors could consider taking exposure to this sector. 
As the world continues to electrify and transition towards renewable energy, the demand for copper is set to soar, making now an opportune time to invest in copper miners through Global X Copper Miners ETF.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">Not Just Nvidia, AI Is Also Fueling Global Copper Demand: Analyst Reveals 3 Top Stock Picks</a>
Photo: Shutterstock

Hedge Funds

Technicals

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BDNNY

BLIDF

GLCNF

GLNCY

ZIJMF

ZIJMY

Copper To $40,000 A Tonne, Says Hedge Fund Titan Pierre Andurand: What ETF Investors Should Watch

Joshua Brown of Ritholtz Wealth Management named Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) as his final trade on CNBC's &#8220;<a href="https://www.cnbc.com/video/2024/05/23/final-trades-nasdaq-archer-daniels-midland-copx.html">Halftime Report Final Trades</a>.&#8221; 
On April 25, Nasdaq reported worse-than-expected first-quarter adjusted EPS results, posting adjusted earnings of 63 cents per share, missing market estimates of 65 cents per share. 
The company's sales came in at $1.117 billion versus expectations of $1.114 billion. Nasdaq also announced a 9% increase in quarterly <a href="https://www.benzinga.com/quote/NDAQ/earnings">dividend to 24 cents per share</a>.
Don't forget to check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
Stephen Weiss of Short Hills Capital Partners named Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) as <a href="https://www.benzinga.com/news/earnings/24/04/38527999/archer-daniels-midland-beats-q1-earnings-expectations-but-misses-revenue-targets-whats-next-for-the">his final trade</a>.
On April 30, Archer-Daniels-Midland posted better-than-expected first-quarter earnings. The company reported adjusted earnings per share of $1.46, beating the analyst consensus of $1.36. Quarterly revenues of $21.85 billion missed the street view of $22.27 billion. Archer-Daniels-Midland sees FY24 adjusted earnings per share of $5.25-$6.25 versus the $5.57 estimate.
In a separate press release, the company said that its global regenerative agriculture program expanded to more than 2.8 million acres in 2023, exceeding its 2 million acre goal.
Liz Young of SoFi picked Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>).
Price Action:
<ul>
<li>Archer-Daniels-Midland shares fell 1.9% to close at $60.72 on Thursday.</li>
<li>Global X Copper Miners ETF declined 1.1% during Thursday's session.</li>
<li>Nasdaq shares fell 1.5% to close at $61.52 during Thursday's session.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/38984458/top-5-tech-stocks-that-could-lead-to-your-biggest-gains-this-month">Top 5 Tech Stocks That Could Lead To Your Biggest Gains This Month</a>
Image: Shutterstock

NDAQ

Nasdaq, Archer-Daniels-Midland And More On CNBC's 'Final Trades'

On CNBC Halftime Report Final Trades: Archer-Daniels-Midland, Global X Copper Miners

Copper prices continue to reach new record highs daily, soaring to $5.17 per pound on Tuesday, driven <a href="https://www.benzinga.com/topic/copper">by improving market conditions. </a>
The metal has surged over 30% year to date, setting the stage for its best-performing year since 2010. Additionally, copper has jumped 28% in the last two months, marking its best two-month streak since April 2009.
The performance of copper miners has also been outstanding. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) has achieved 12th positive weeks in the last 14, rallying 40% year to date.
Two primary factors are fueling the rise in copper prices: increasing demand from electrification and strategic stockpiling by China.
<h3 class="wp-block-heading">Electrification Demand Kicks In</h3>
Bank of America analysts noted that &#8220;renewables, EVs, and other new uses of copper – such as data centers and AI – combined with supply-side issues are driving tight markets.&#8221; 
The investment bank also highlighted that decarbonization efforts lead to higher metal usage, often replacing hydrocarbons with electrification, which translates to more copper usage.
<h3 class="wp-block-heading">China&#8217;s Strategic Stockpiling</h3>
A significant dynamic in the copper market is China&#8217;s hoarding of copper. 
Macroeconomist Andreas Steno Larsen highlighted in a recent post that China&#8217;s copper inventories are at an all-time high for this time of year.
&#8220;Something is cooking in China,&#8221; Larsen remarked on social media platform X. He explained that China typically uses its copper stock at this time of year, but instead, they are building their stockpile while copper prices surge.
Larsen suggests that China is gearing up its green tech capacity, predicting that European markets will be inundated with subsidized Chinese solar panels, EVs, and wind turbines through 2024 and 2025. 
This strategic move has allowed China to secure a strong supply chain, challenging European companies&#8217; competitiveness.
The economist warned that the upcoming weeks are going to be crucial for copper markets as the Yangshan Copper Cathode is now traded at a discount to LME spot, which is highly unusual.
The market will closely watch whether China decides to export copper, or if this stockpiling is a deliberate strategic move to dominate supply chains.
&#8220;We are betting on the latter,&#8221; Steno Larsen stated. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">SOMETHING IS COOKING IN CHINA China typically uses its stock of Copper this time a year. Instead they are building stock, while the price of Copper surges. Are you paying attention? More -&gt; <a href="https://t.co/myea58mZaN">https://t.co/myea58mZaN</a> <a href="https://t.co/HkJDzf2W5g">pic.twitter.com/HkJDzf2W5g</a>
&mdash; Andreas Steno Larsen (@AndreasSteno) <a href="https://twitter.com/AndreasSteno/status/1792268648322593171?ref_src=twsrc%5Etfw">May 19, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<h3 class="wp-block-heading">Top Copper-Linked Stocks Recommended by Bank of America</h3>
Bank of America has identified three top copper-linked stocks for investors:
<ol>
<li>Antofagasta plc (OTCPK: ANFGF) as a volume-growth story. </li>
<li>Freeport McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) considered &#8220;a go-to blue-chip copper exposure.&#8221;</li>
<li>TECK Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>): Following the sale of its coal assets, TECK has become a new, inexpensive copper &#8220;pure play&#8221; with growth options.</li>
</ol>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38927907/ai-driven-rally-set-to-expand-to-power-commodities-utilities-its-not-just-about-nvi">AI-Driven Rally Set To Expand To Power, Commodities, Utilities: &#8216;It&#8217;s Not Just About Nvidia Anymore&#8217;</a>
Image generated using artificial intelligence via Midjourney.

Macro Notification

Market Summary

Emerging Markets

Econ #s

3 Stocks To Watch As Copper Surges To Record Highs: 'Something Is Cooking In China'

Friday is shaping up to be one of the strongest days for metal commodities in recent years. Gold climbed over 1.7% toward a record-high close above $2,400 per ounce, silver surged more than 6% to its highest level since February 2013, and copper hit <a href="https://www.benzinga.com/topic/mining">an all-time high.</a>
What Happened: In a week marked by diminishing inflation fears, the case for Federal Reserve rate cuts strengthened. Additionally, news of a broad-based Chinese stimulus to support the struggling real estate sector sent metal commodities skyrocketing. Beijing announced measures such as reducing down payments for homebuyers and a state-financed package to convert unsold<a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time"> properties into social housing.</a>
Copper, extremely sensitive to China&#8217;s economic health as the country is the top purchaser of the red metal, rallied 4% to above $5 a pound. This surge marked a fresh weekly all-time high and its strongest day since November 2022.
Precious metals like silver and gold positively reacted to both interest-rate and Chinese-related developments. Silver spiked above $30, breaking out of a triple-top resistance pattern.
Chart: Copper Hits All-Time High
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" alt="" class="wp-image-344275" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Expert Insights on Metal Commodities</h3>
According to Otavio Costa, macro strategist at Crescat Capital, central banks are &#8220;acquiring gold to enhance the quality of their international reserves and thereby strengthen the credibility of their monetary systems.&#8221; 
He highlighted that unlike many investors and traders, central banks have a long-term perspective, meaning that &#8220;the accumulation of gold by these institutions is just beginning.&#8221;
According to analysts at Goldman Sachs, copper remains a focus amid an ongoing short squeeze that has sent futures to record highs. The investment bank maintains a positive outlook on copper, citing the market&#8217;s structural deficit and forecasting a 20% increase from current levels.
Jeff Currie, former Goldman Sachs commodities strategist and now chief strategy officer of energy pathways at Carlyle Group, stated in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">interview </a>that the red mental still has more room to run, emphasizing copper&#8217;s importance in powering electric vehicles, updated grids and AI data centers.
Chart: Silver Notches Best-Performing Week Since August 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" alt="" class="wp-image-344292" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Mining Stocks Surge</h3>
The rally in metal commodities fueled broad-based gains on mining stocks. 
<ul>
<li>The SPDR S&amp;P Metals &amp; Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>) rose 1.8% reaching April 2022 highs. Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>) and Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>) were the top gainers among miners, both up by 11%. </li>
</ul>
<ul>
<li>The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) skyrocketed 4.3%, hitting a record high since the fund&#8217;s inception in 2010. Taseko Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), Ero Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), and First Quantum Minerals Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FM#NYSE">FM</a>) were the fund&#8217;s top performers, up 7.3%, 6.8% and 6.6%, respectively</li>
</ul>
<ul>
<li>The Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) rose 5%, reaching April 2022 highs. Besides Coeur Mining and Hecla Mining Company, Endeavour Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>) also performed strongly, up 10%. </li>
</ul>
<ul>
<li>The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) surged 3%, also reaching April 2022 highs, with New Gold Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>) topping the performance among gold miners, up nearly 12%.</li>
</ul>
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38894659/bank-of-americas-contrarian-guru-unveils-best-portfolio-hedge-against-hard-landing-">Bank Of America&#8217;s Contrarian Guru Unveils Best Portfolio Hedge Against Hard Landing: &#8216;No One Is Long&#8217;</a>
Photo: Shutterstock

Macro Economic Events

Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks' Wild Ride

As April comes to a close, it&#8217;s time to compile the rankings for the top-performing sector and industry exchange-traded <a href="https://www.benzinga.com/etfs">funds of the month.</a>
Taking a broader look at the stock market, the S&amp;P 500 Index, represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), finished April on a downturn, declining by approximately 3%. This marks the end of a five-month streak of gains.
Similarly, the tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), experienced a 3.5% decline.
Among large-cap indices, blue-chip stocks showed slight underperformance, with the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) slipping by 4.5%.
Small-cap stocks, represented by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), plummeted by over 6%, marking their worst performance since October 2023.
Overall, it has been a challenging month for the stock market, primarily due to inflation surprises surpassing expectations. This has led to a recalibration of market expectations regarding potential Federal Reserve rate cuts.
Additionally, complex global geopolitical tensions have emerged, notably between Israel and Iran, alongside the ongoing issue in the Gaza Strip.
May is anticipated to start with a crucial event as investors await the Federal Reserve Open Market Committee <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">(FOMC) meeting on Wednesday. </a>
While no interest rate changes are expected, all eyes will be on Fed Chair Jerome Powell&#8216;s remarks to assess the Fed&#8217;s stance in response to recent inflation surprises.
Read also: <a href="https://www.benzinga.com/general/macro-notification/24/04/38491988/federal-reserve-meeting-preview-high-interest-rates-need-more-time-to-work-bank-of-ame">Federal Reserve Meeting Preview: High Interest Rates &#8216;Need More Time To Work,&#8217; Bank of America Says</a>
<h2 class="wp-block-heading">Performance Of Sector ETFs In April 2024</h2>
At the sector level, only the utilities sector managed to avoid losses for the month, rising by 2.1%.
The largest stock contributors to the utilities&#8217; performance in April are NextEra Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), The Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), Dominion Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) and NRG Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) which showed monthly gains between 4% and 8%. 
Energy stocks remained broadly stable, while the other nine S&amp;P 500&#8217;s sectors showcased losses.
Real estate experienced the worst performance, down by over 7%, dragged down by its high sensitivity to interest rates, as Treasury yields increase across the board during the month. 
Following real estate, the technology and healthcare sectors also showed poor performance in April.
<h4 class="wp-block-heading">April&#8217;s Best And Worst Sector ETFs: Utilities Lead, Real Estate Lags</h4>
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>Industrials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>Materials&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>Health Care&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 2:50 p.m. EDT</figcaption></figure>
<h2 class="wp-block-heading">Performance Of Industry ETFs In April 2024</h2>
Based on the industry ETF list provided by BlackRock Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) iShares, only five out of the 25 industries managed to report gains in April. Among them, miners did well across the board, with silver, copper, and gold mining stocks reporting robust gains. 
Standout contributors to the mining industry&#8217;s outperformance in April were Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>), up over 20%, Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), up 14%, Anglo American plc (OTCPK: AAUKF), up over 40%
Energy producers also managed to end the month in the green.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
<figure class="wp-block-table is-style-stripes"> 
<table>
<thead>
<tr>
<th>ETF Name</th>
<th>Performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI Global Silver and Metals Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI Global Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI Global Metals &amp; Mining Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI Global Energy Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>iShares Residential and Multisector Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares Lithium Miners and Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. Broker-Dealers &amp; Securities Exchange ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares Expanded Tech Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. Insurance ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEZ#NYSE">IEZ</a>)</td>
<td>-5.45%</td>
</tr>
<tr>
<td>iShares Mortgage Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REM#NYSE">REM</a>)</td>
<td>-5.57%</td>
</tr>
<tr>
<td>iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHI#NYSE">IHI</a>)</td>
<td>-5.75%</td>
</tr>
<tr>
<td>iShares Global Timber &amp; Forestry ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOOD#NYSE">WOOD</a>)</td>
<td>-6.20%</td>
</tr>
<tr>
<td>iShares Expanded Tech-Software Sector ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>)</td>
<td>-6.76%</td>
</tr>
<tr>
<td>iShares U.S. Digital Infrastructure and Real Estate ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IDGT#NYSE">IDGT</a>)</td>
<td>-7.12%</td>
</tr>
<tr>
<td>iShares Biotechnology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>)</td>
<td>-7.23%</td>
</tr>
<tr>
<td>iShares U.S. Transportation ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYT#NYSE">IYT</a>)</td>
<td>-8.34%</td>
</tr>
<tr>
<td>iShares U.S. Home Construction ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITB#NYSE">ITB</a>)</td>
<td>-9.60%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Apr. 30, 2024 3:15 p.m. EDT</figcaption></figure>
Now read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38497224/ai-data-centers-drive-electricity-demand-goldman-sachs-picks-16-stocks-to-play-the-">AI Data Centers Drive Electricity Demand: Goldman Sachs Picks 16 Stocks To Play The Trend</a>
Image generated using artificial intelligence via Midjourney.

REIT

Federal Reserve

Real Estate

SPDR Dow Jones Industrial Average ETF Trust

FILL

iShares Dow Jones US Broker Dealers Index Fund

iShares Dow Jones US Insurance Index Fund

iShares Dow Jones US Regional Banks Index Fund

iShares U.S. Digital Infrastructure and Real Estate ETF

IDGT

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund

iShares Dow Jones US Oil Equipment & Services Index Fund

iShares Dow Jones US Pharmaceuticals Index Fund

iShares Dow Jones US Health Care Provides Index Fund

iShares Dow Jones US Medical Devices Index Fund

ILIT

iShares Dow Jones US Aerospace & Defense Index Fund

iShares Dow Jones US Homenstruction Index Fund

iShares Trust Dow Jones US Financial Services Index Fund

iShares Dow Jones Transportation Average Index Fund

PAAS

iShares FTSE NAREIT Mortgage PLUS Capped Index Fund

RING

iShares S&P Global Timber & Forestry Index Fund

WOOD

XLRE

Select Sector SPDR-Consumer Discretionary

April Showers On Wall Street:  Miners, Utilities Emerge As Bright Spots In Gloomy Market

Australian multinational miner&nbsp;<a href="https://www.benzinga.com/quote/BHP">BHP Group</a>'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) nearly $40 billion bid for rival Anglo American (OTC:&nbsp;NGLOY) may not be enough to acquire the company as other diversified miners will probably make rival bids amid the global scramble for copper assets.
After completing a $6.4 billion takeover of Australian copper producer&nbsp;OZ Minerals&nbsp;last year, BHP is doubling down on the red metal amid widespread expectations that demand will greatly increase in coming years as the global economy transitions from fossil fuels. 
Solar and wind farms and electric vehicles require more copper than traditional utilities and internal combustion engine automobiles.
"This is the latest move to consolidate in industrial metals driven by a scramble for copper and other metals central to the world&#8217;s clean energy movement,"&nbsp;Sean Casterline, founder of the investment consulting firm&nbsp;Delta Capital Management, told Benzinga.
BHP, already the world's biggest mining company, is currently the third-largest copper producer behind Chile's state-run&nbsp;Codelco&nbsp;and U.S.-based heavyweight&nbsp;Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). A combination with Anglo American would push BHP to the pole position.&nbsp;&nbsp;
"In our view, the copper assets are the primary driver of a proposed transaction,"&nbsp;RBC Capital Markets analysts said.&nbsp;
<h1 class="wp-block-heading">Rival Bids Seem Likely</h1>
BHP said it offered 25.08 pounds ($32.27) a share for London-based Anglo American, which said it is reviewing the proposal. The all-share deal values Anglo American at GBP 31.1 billion ($38.9 billion) and is contingent on the U.K. company spinning off its shareholdings in Anglo American Platinum Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) and Kumba Iron Ore Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>), which are both listed in South Africa.
The proposal represents a nearly 14% premium for Anglo American's London-listed shares and a 31% premium without the platinum and iron ore units.
Analysts said that probably isn't enough.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a>
Anglo American's shares have been so beaten down recently that its board and shareholders probably see BHP's bid as undervaluing the company, including copper assets in Chile and Peru, where BHP also has copper operations. Anglo American's shares have been suffering because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets.
BHP's offer is "a timid and somewhat convoluted bid" that "won't be enough to draw either Anglo's board or its key shareholders," Liberum analyst Ben Davis said. After BHP's offer, he raised Anglo's price target to 27.50 pounds ($34.41), a near 25% bump from the stock&#8217;s closing price before the offer was officially made public.
Jefferies analysts went higher, saying a price of at least 28 pounds ($35.04) per share would be required for serious discussions between the companies, and a takeout price north of 30 pounds ($37.54) per share would be the outcome of a bidding war.
"If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge," the company said. "Let the games begin."
The RBC Capital Markets analysts pegged diversified miner Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) as one logical bidder because of the potential advantages in combining the companies' copper assets. The company also listed Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) as a possibility because of the attractiveness of combining iron ore assets in Brazil. 
Davis pointed to diversified multinational miner&nbsp;Rio Tinto&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) as his top pick for an interloper, although he noted the company has a reputation for preferring to build mines rather than buy them.
<h1 class="wp-block-heading">Gold Miners Expand Copper Holdings</h1>
One reason why copper acquisitions are attractive is that building new copper mines from scratch is expensive and time-consuming.
That's especially true in the U.S., where getting a permit is difficult, or in other jurisdictions such as Panama, where a court ruling recently forced the closure of a huge copper mine after local protests, said&nbsp;Jason Crawshaw, portfolio manager at&nbsp;Polaris Capital, which invests in copper miners&nbsp;Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) and Antofagasta (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>).
"There is a scramble for assets," he told Benzinga. "Everybody is always looking to get more exposure to copper."
Even gold miners have been interested in bulking up on copper assets.&nbsp;
Last year, U.S.-based gold mining major&nbsp;Newmont Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Australian gold miner Newcrest Mining Ltd. for nearly $17 billion, adding nearly 50 billion pounds of copper reserves and resources in one fell swoop.
Meanwhile, Canada-headquartered rival&nbsp;Barrick Gold Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is spending nearly $2 billion to expand a copper mine in Zambia, targeting expanded plant production in 2028.&nbsp;
Investors looking for diverse exposure to copper producers can consider the&nbsp;Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>),&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>),&nbsp;Sprott Junior Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>)&nbsp;and&nbsp;iShares Copper and Metals Mining ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)</a>
Photo: Anglo American copper mine in Chile courtesy of Anglo American Flickr

ANGPY

COPJ

COPP

GOLD

KIROY

VALE

Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP's 'Low Ball' Offer — 'Let The Games Begin'

Source: <a href="https://www.streetwisereports.com/article/2024/04/19/is-a-commodities-super-cycle-on-the-way.html?utm_medium=feed">Streetwise Reports 04/19/2024</a>
Are we at the start of a commodities supercycle? We sat down with McAlinden Research to see what they had to say about the current state of commodities.
McAlinden Research Partners is a global provider of original investment strategy insights. The company&#39;s primary goal is to pinpoint profitable investment opportunities in their early stages and promptly inform their clients about these potential avenues for growth. Its founder, Joseph J. McAlinden, has over five decades of experience in the research and investment space.
With this in mind, we at Streetwise thought it would be good to sit down with some of the McAlinden team to get their take on what is currently going on in the commodities market.
First, we discussed current trends in the commodities space.
The McAlinden team told us, &quot;In the stock market, we have a super bull market. That is not showing any signs of letting up.&quot; However, when it comes to commodities, the market is a mixed bag. They pointed out that some commodities, such as cocoa, have soared while others, like lumber, have been struggling.
<h2>AI and Y2K</h2>
In terms of a parallel, the McAlinden team said, &quot;Market cycles don&#39;t repeat, but they do rhyme&quot; and this reminded them a bit of the late 90s and early 2000s. People thought the world was going to end with Y2K, which led to high revenue in technology companies. However, once the world realized the sky wasn&#39;t falling, it led to a major correction.
The McAlinden team compared this to the current excitement surrounding AI. Eventually, the market will learn if AI has lived up to the hype.
Was it as scary as everyone predicted?
Maybe it won&#39;t be as advanced as we had previously thought, and when that happens, corrections will be made like with technology during Y2K.
<h2>A Geopolitically Influenced Market</h2>
Now, the McAlinden team explained that commodities are influenced by similar fears and movements in the world. They said, &quot;Throughout history, you see that commodities are very heavily impacted, more impacted by geopolitics than equities.&quot;
For example, OPEC&#39;s oil embargoes significantly impacted the prices of oil in the 1970s, and this alliance of oil producers continues to have a profound impact on the price of energy commodities today.
&quot;Now, within OPEC, or this OPEC+Syndicate, you have countries like Russia and Saudi Arabia, which are both countries within or right on the edge of war zones&quot; the McAlinden team explained. &quot;They depend . . . the free movement of trade that is subject to a lot of risk. And that is definitely pushing up some of the commodity prices, particularly in energy.&quot;
<blockquote class="callOut left">Still, the team made it a point to note that they don&#39;t believe we are at the beginning of a commodities super cycle yet, though &quot;we may get there in the next couple of years.&quot;</blockquote>
Though the team pointed out that there has been a lot of chatter about &quot;worst-case scenarios&quot; that is not what has happened yet.
&quot;There&#39;s been a lot of chances [where we thought] this could get really bad, this could spiral out of control, but for the most part, the state actors have been pretty rational in trying to avoid these cataclysmic events that might create something like a supercycle.&quot;
They continued, &quot;I think that that has saved the world. [Still] there&#39;s only so many times you can really go right up to the edge of that risk cliff and not end up falling into it. And that&#39;s what you always have to be looking out for in commodities.&quot;
Still, the team made it a point to note that they don&#39;t believe we are at the beginning of a commodities super cycle yet, though &quot;we may get there in the next couple of years.&quot;
Once this happens, almost all commodities could appreciate in value simultaneously, but right now, they are still mixed and dependent on a myriad of factors, including geopolitics and weather.
<h2>Closer and Closer to a Recession</h2>
We then went on to discuss the current state of inflation, as commodities are also affected by this.
The McAlinden team said, &quot;The Fed suggested they were going to cut [interest rates] three times, and traders basically ignored that, and we&#39;re talking six or seven cuts . . . the data for the year started to show sticky inflation, and strong employment at the headline level; however, this was a bit misleading . . . there are reasons to expect inflation to improve, but [we] doubt it is going to happen in the next six months.&quot;
When asked about the misleading nature of the employment readings, the McAlinden team turned to current headlines regarding increased job creation in the U.S. Though the most recent reports show that job growth is beating the highest estimates of economists, this does not take into account the impact of part-time / contract work accounting for the entire net increase in payrolls over the past several months. So, while job creation is accelerating, full-time work is not.
<blockquote class="callOut right">The Biden White House has succeeded in bringing down CO2 emissions to their target level, but that has come at the expense of higher oil prices because of a lack of investment.</blockquote>
A small part of this is the emphasis among the young workforce to enter the so-called &quot;gig economy.&quot; More and more working millennials and Gen Z are leaning toward freelance and contract work rather than full-time employment.
A larger aspect, according to McAlinden&#39;s team, is &quot;this wave of immigration that the United States is experiencing right now, which is starting to inflate the supply of labor.&quot; People are coming to the United States to gain work visas. However, many of these workers tend to end up in part-time work. &quot; The number of part-time workers is exploding, but the number of full-time workers is falling, and it&#39;s falling at a rate we haven&#39;t seen in some time.&quot;
This is leading us closer and closer to a recession.
<h2>The Impact of the 2024 Election</h2>
Commodities are often influenced by federal policies. With this in mind, we spoke about how commodities may be impacted based on the results of the 2024 election. The current candidates are incumbent Democrat Joseph Biden and Republican nominee Donald Trump.
&quot;The outcome of the election will be important&quot; the McAlinden team told Streetwise.
Oil is one commodity in particular that may be affected. &quot;Trump is essentially running on this drill, baby drill mantra&quot; they said. &quot;One of his big campaign points is that [energy companies are] going to drill more when he&#39;s president . . . despite the fact that we have seen oil kind of go up to record highs, it&#39;s only slightly higher than where we were going back to 2020. Back in 2020, production was at 13.1 million barrels, which was the record . . . Today, we&#39;re [still] only at 13.1 million barrels. We were at 13.3 a couple of months ago.&quot;
<blockquote class="callOut left">&quot;If Trump was to win [that would be] bearish for oil prices because, if production is up, we&#39;re going to see prices come down&quot; they explained.</blockquote>
This is largely because &quot;The Biden White House&#39;s Interior Department is very hostile to oil companies, and oil companies don&#39;t really feel very comfortable investing a whole lot in North America right now because of the administration. So one president is saying drill, baby drill, the other is very concerned about climate change.
The Biden White House has succeeded in bringing down CO2 emissions to their target level, but that has come at the expense of higher oil prices because of a lack of investment, a lack of . . . leasing federal land to [energy] companies, and things like that. So, there definitely will be commodity implications from the election. And we think that really is going to be pronounced in energy commodities.&quot;
All in all, the current policies in today&#39;s White House and the policies Trump&#39;s administration will put in place if he is elected may be significantly different.
&quot;If Trump was to win [that would be] bearish for oil prices because, if production is up, we&#39;re going to see prices come down&quot; they explained.
<h2>The Weakening of the US Dollar</h2>
Another factor in a possible commodities supercycle is the status of the U.S. dollar.
&quot;We&#39;ve seen the dollar remain very strong over the past couple of years. It&#39;s weakened a little bit since 2022 when the dollar index broke 20-year highs, but when the dollar depreciates versus other currencies, commodities tend to benefit from that since . . . commodities are priced in dollars.&quot;
<blockquote class="callOut right">If the Federal Reserve stays tight and keeps the dollar strong, that&#39;s probably not so good for commodities.</blockquote>
This will allow other countries to buy even more commodities as their local currencies will be able to purchase more product in dollar terms.
They continued, &quot;The path of commodities will be heavily influenced by what the United States Federal Reserve does. If the Federal Reserve stays tight and keeps the dollar strong, that&#39;s probably not so good for commodities.
However, if the Fed is as dovish as everyone else or more dovish (it doesn&#39;t look like it&#39;s gonna be the case right now), that would weaken the dollar and would probably be good for commodities, assuming that there&#39;s not some major economic downturn that&#39;s causing those rates to come down like that.&quot;
<h2>ETFs</h2>
In summation, it looks like we are not yet at the starting line of the commodities super cycle, but we may get there in the next couple of years. With this in our back pocket, we asked the McAlinden team if they had any ETFs they thought might be impacted.
&quot;Unfortunately, things have gotten harder for equity investors trying to acquire commodities exposure&quot; they said. &quot;Last year, 21 commodity ETNs were actually closed out by Barclays.&quot; These covered most commodities across the board, and some of the pure plays that just focused on one commodity, like cocoa, had been some of the highest returning ones.&quot;
Still, the team had a handful of solid commodity-focused ETFs they were looking at.
Invesco&#39;s family of funds is one of these that covered a pretty broad allocation of commodities.
Another is Invesco DB Commodity Index Tracking Fund (ARCA:DBC), though McAlindnen shared more segmented ETFs such as Invesco DB Agriculture Fund (ARCA:DBA) for ags as well.
&quot;These are the kinds of the products that we&#39;re looking at to represent the performance of some kind of ideas that we might highlight as themes at some point&quot; they said.
Continuing on with their list, they shared mining ETFs such as Global X Copper Miners ETF (ARCA:COPX) and VanEck Gold Miners ETF (ARCA:GDX).
As for energy, they pointed out Invesco DB Oil Fund (ARCA:DBO), Energy Select Sector SPDR Fund (ARCA:XLE), and Sprott Uranium Miners ETF (ARCA:URNM).
Important Disclosures:
<ol>
<li>Katherine DeGilio wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>
McAlinden Research Partners Disclosures 
This report has been prepared solely for informational purposes and is not an offer to buy/sell/endorse or a solicitation of an offer to buy/sell/endorse Interests or any other security or instrument or to participate in any trading or investment strategy. No representation or warranty (express or implied) is made or can be given with respect to the sequence, accuracy, completeness, or timeliness of the information in this Report. Unless otherwise noted, all information is sourced from public data. 
McAlinden Research Partners is a division of Catalpa Capital Advisors, LLC (CCA), a Registered Investment Advisor. References to specific securities, asset classes and financial markets discussed herein are for illustrative purposes only and should not be interpreted as recommendations to purchase or sell such securities. CCA, MRP, employees and direct affiliates of the firm may or may not own any of the securities mentioned in the report at the time of publication.

Politics

General

PowerShares DBmmodity Index Optimum Yield Diversified Fund

URNM

Is a Commodities Super Cycle on the Way?

As the global economy continues its recovery trajectory, the spotlight remains firmly fixed on commodities, particularly copper, a key player in <a href="https://www.benzinga.com/money/best-copper-stocks">various industrial sectors</a>.
JPMorgan analyst Bill Peterson, has provided valuable insights into the performance and prospects of two prominent players in the copper market: Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Teck Resources Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>).
Also Read: <a href="https://www.benzinga.com/news/24/04/38241751/ai-boom-can-lead-to-potential-demand-growth-for-this-metal-wall-street-turns-bullish">AI Boom Can Lead To &#8216;Potential Demand Growth&#8217; For This Metal, Wall Street Turns Bullish</a>
<h2 class="wp-block-heading">Supply-Driven Copper Inflection Priced In</h2>
Peterson&#8217;s analysis delves into the upcoming Q1 results for both the companies, highlighting the nuanced dynamics shaping their performance. Freeport-McMoRan reports the first quarter on April 23, while Teck Resources reports on April 25.
The year, so far, has been very benevolent on copper. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) is up over 20% YTD. Freeport-McMoRan and Teck Resources command 4.94% and 4.21% of the COPX portfolio currently. Freeport-McMoRan stock is up 16.45% while Teck Resources stock is up 11.50%. So, the supply-driven inflection appears priced in.
<h2 class="wp-block-heading">Next Leg Dependent On Demand Improvement</h2>
The recent bullish shift in copper prices, outpacing fundamental improvements, underscores the need for sustained demand growth to justify current valuations. While supply constraints have lent support, the awaited catalyst for further upside lies in a robust recovery in global demand, especially outside China.
Peterson sees growth ahead for copper miners being driven by demand improvement &#8211; the next leg in copper&#8217;s trajectory.
According to Peterson, Freeport-McMoRan is expected to face provisional pricing adjustments and output challenges in its North and South America assets. On the other hand, Teck Resources is anticipated to benefit from higher realized copper pricing, albeit offset by conservative estimates for its QB2 ramp-up.
Valuation: Despite Freeport McMoRan&#8217;s historical appeal as a &#8216;safe&#8217; investment option with significant copper and gold exposure, investor sentiment appears to favor Teck Resources. This is driven by its growth potential and favorable valuation relative to the former. 
Moreover, Teck&#8217;s doubling copper exposure by 2025 and leverage to zinc pricing contribute to its promising outlook, especially in light of JPMorgan&#8217;s bullish price forecasts.
<h3 class="wp-block-heading">Teck: Strong FCF Generation, Unique Portfolio Of Greenfield Copper Projects</h3>
Peterson maintains an Overweight rating for Teck Resources, with a price target of C$70 ($50), implying an upside of 35%.
He highlighted the company&#8217;s strategic positioning amidst evolving market dynamics. 
Teck&#8217;s diversified portfolio and near-term growth prospects, particularly the de-risking of its flagship QB2 asset, position it for significant production growth and a re-rating post its exit from the carbon-intensive coal business.
<h3 class="wp-block-heading">Freeport-McMoRan: Additional FCF Starting 2024/2025, Only Incremental Relative Upside</h3>
In contrast, Freeport-McMoRan receives a Neutral rating, with a price target of $52, implying an upside of 19%.
While Freeport offers stability and incremental upside through its existing asset base and near-term growth opportunities, Teck&#8217;s more favorable valuation and growth potential tilt the scales in its favor.
Bill Peterson underscores the intricate balance between supply dynamics and demand growth shaping the fortunes of copper stocks like Freeport-McMoRan and Teck Resources. 
While both companies stand to benefit from a bullish copper market, Teck emerges as the preferred choice for investors seeking greater upside potential and favorable valuations, driven by its diversified portfolio and growth initiatives.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">Not Just Nvidia, AI Is Also Fueling Global Copper Demand: Analyst Reveals 3 Top Stock Picks</a>
Image: Midjourney

Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?

중국 금속 시장이 춘절 이후 활기를 되찾고 있는 가운데 JP모건 애널리스트 도미닉 오케인(Dominic O&#8217;Kane)이 <a href="https://www.benzinga.com/markets/commodities">눈길을 끄는 몇 가지 추세를 추적</a>하고 있다.
구리와 철광석 가격은 4개월 만에 최고치를 기록했고, 철강 생산량은 2021년 이후 가장 강세를 보이고 있으며, 비금속 재고는 계절적으로 사상 최저치를 기록하는 중이다. 결론적으로 중국의 수요가 살아난다면 공급이 부족한 실물 시장이 강세장의 발판이 될 수 있다.
<h3 class="wp-block-heading">구리의 혼재된 신호</h3>
구리 가격은 지난 2주 동안 5% 상승하여 톤당 약 9,500달러까지 올랐지만 중국의 국내 수요는 그 속도를 따라가지 못하고 있다. JP모건은 중국의 구리 프리미엄이 20% 하락한 것을 반영하듯 실제 구리 수요가 계절적 요인에 뒤처지고 있다고 지적했다.
그럼에도 불구하고 오케인은 위안화 강세와 미국 금속 관세에 대한 기대감 등 글로벌 거시적 요인이 LME 구리의 상승세를 유지하는 데 도움이 되고 있다고 지적한다. 재고가 5년래 최저치를 기록한 가운데 JP모건은 구리가 2025년 4분기까지 톤당 10,400달러까지 상승할 것으로 전망하고 있다.
투자 수익을 노리는 투자자는 United States Copper Index Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>)와 Global X Copper Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)를 통해 구리 가격 모멘텀에 노출될 수 있다.
<h3>공급 차질로 인한 철광석 상승세</h3>
철광석 가격은 호주 서부의 사이클론 관련 공급 차질로 인해 1월 이후 톤당 105달러로 10% 급등했다. 중국의 철근 수요는 날씨로 인해 감소했지만, 철강 생산은 2021년 이후 가장 빠른 속도로 증가하고 있다. JP모건은 중국의 연례 전국인민대표대회(3월 5일)에서 철강 및 철광석 시장을 더욱 부양할 수 있는 정책적 지원이 나올지 주목한다.
철광석 거래에 주목하는 투자자는 광범위한 노출을 위해 VanEck Steel ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLX#NYSE">SLX</a>)와 iShares MSCI Global Metals &amp; Mining Producers ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)를 살펴볼 수 있다.
<h3>알루미늄 및 아연: 낮은 재고, 제한된 수요</h3>
알루미늄과 아연 재고는 수년래 최저치로 공급이 부족하다는 신호를 보인다. 그러나 지난주 알루미늄 재고가 110kt 증가했지만 새해 이후에도 수요는 여전히 부진한 상황이다. JP모건은 2025년 알루미늄 가격을 톤당 2,763달러로 예상하고 있지만 지속적인 상승을 위해서는 더 강력한 수요 신호가 필요하다.
알루미늄에 대해 긍정적인 전망을 가진 투자자들은 iPath Series B Bloomberg Aluminum Subindex Total Return ETN(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JJU#NYSE">JJU</a>)를 통해 직접 투자할 수 있다.
<h3>더 큰 움직임을 기다리는 투자자들</h3>
중국 금속 시장은 공급 부족과 기록적으로 낮은 재고가 연휴 이후 수요 부진과 충돌하고 있다. JP모건의 오케인은 중국의 향후 정책 움직임이 금속 가격의 다음 상승을 위한 핵심 촉매제가 될 것으로 본다.
구리와 철광석이 이미 과열된 상황에서 투자자들은 다음 큰 움직임에 대비하기 위해 COPX, SLX, PICK 같은 ETF를 주시해야 한다.
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녹색 전환이 가속화됨에 따라 재생 에너지 인프라, 전기 자동차(EV) 및 전력망에서 중요한 역할을 하는 구리에 대한 수요가 급증했다. 기업들이 새로운 광산을 건설하기 위해 안간힘을 쓰고 있음에도 불구하고 2035년에는 구리 부족량이 수백만 톤에 달할 수 있으며, 이로 인해 과학자와 엔지니어는 <a href="https://www.benzinga.com/topic/aluminum" target="_blank" rel="noopener" data-google-interstitial="false">알루미늄과 같은 대체 물질</a>을 모색하게 된다.
알루미늄은 높은 전도성과 내식성을 포함하여 구리의 바람직한 특성을 많이 공유한다. 지구의 지각에는 보크사이트 광석에서 형성되는 알루미늄이 8.1%나 함유되어 있어 지구상에서 가장 풍부한 금속이다. 한편, 구리 퇴적물은 표면 아래 더 깊은 1차 광석 퇴적물의 광물화를 통해 형성되어 발견 및 추출이 더 어렵고 풍부하지 않게 된다.
알루미늄의 응용 분야는 EV를 넘어 가공 전력선, 태양광 패널 프레임, 풍력 터빈 부품과 같은 전력망 및 재생 에너지 시스템까지 확장된다. 해저 케이블과 중요 변압기 권선에서는 우수한 전도성과 피로 저항성 때문에 여전히 구리를 선호하지만, 재생 에너지에서 알루미늄의 역할은 점점 커지고 있다.
에인트호번 대학의 연구원인 아우케 훅스트라(Auke Hoekstra)은 &#8220;전기 자동차의 거의 모든 구리는 모터 권선부터 와이어 하니스까지 <a href="https://www.shapesbyhydro.com/en/material-properties/how-we-can-substitute-aluminium-for-copper-in-the-green-transition/">알루미늄으로 대체</a>될 수 있다&#8221;고 말한다. 그러나 알루미늄은 무게가 가벼워 연료 효율성에서 유리하지만, 전도율은 구리의 60%에 불과하다.
또한, 알루미늄 생산은 에너지를 많이 소모하며, 1톤의 용융 알루미늄을 생산하는 데 13~15메가와트시(MWh)의 에너지가 필요하다. 알루미늄은 또한 높은 크리프율과 산화 경향을 가져 디자인 제약과 소재 처리 문제를 발생시킨다.
따라서 구리는 내구성과 컴팩트함이 요구되는 고수요 시나리오에서는 여전히 선택되는 소재이다. 예를 들어 지하 전력선, 고전압 변압기 및 밀집 회로 기판 등이 있다.
2022년, 퍼시픽 노스웨스트 국립연구소의 키르티 카파간툴라(Keerti Kappagantula)가 이끄는 연구팀은 <a href="https://www.pnnl.gov/news-media/cooking-conductive-alternative-copper-aluminum">알루미늄의 전도성을 높이는</a> 작업을 시뮬레이션을 통해 금속의 구조를 변경하여 개별 원자를 제거하거나 재배치하는 방식으로 진행했다. 그러나 카파간툴라의 최근 <a href="https://scholar.google.com/citations?hl=en&amp;user=-ixY5zAAAAAJ&amp;view_op=list_works&amp;sortby=pubdate">연구</a>는 초점이 그래핀으로 전환되었다는 것을 나타낸다. 그래핀은 탄소 동소체로, 미세한 수준에서 측정된 가장 강한 물질이다.
이 소재의 인기는 미국 에너지부의 진행 중인 수백만 달러 규모의 <a href="https://www.nrel.gov/news/program/2023/stage-2-winners-of-a-manufacturing-prize-are-supercharging-u-s-industries.html">전도성 향상 소재 개발 경쟁</a>에서도 두드러지게 나타난다. 7개 경쟁자 중 3개는 구리 복합 소재에 초점을 맞추고 있으며, 그 중 2개는 그래핀을 포함하고 있다.
그래핀을 도입함으로써 연구자들은 원자 수준에서 저항을 줄여 새로운 효율성을 열어주면서 구리의 고유한 장점을 유지하는 것을 목표로 하고 있다. 넷 제로(Net Zero) 세계에서는 두 가지 선택지가 있다: 구리 공급을 늘리거나 효율성을 극대화하는 것이다.
Global X Copper Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)는 올해 들어 시장보다 저조한 성과를 보이며 13.40%의 수익률을 기록했다. P/E 비율은 10.90배로, S&amp;P 500의 30.4배 비율보다 훨씬 낮다.
다음 읽기:
<ul>
<li><a href="https://www.benzinga.com/news/global/24/11/42243885/copper-supply-gap-drives-mcewens-2-5b-fundraising-for-los-azules">구리 공급 부족이 맥이웬의 25억 달러 기금을 유도한 이유</a></li>
</ul>
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전 세계가 전기화된 미래로 나아가면서 구리 시장은 <a href="https://www.benzinga.com/topic/copper">중요한 기로</a>에 서 있다.
JP모건의 애널리스트인 패트릭 존스(Patrick Jones), 그렉 시어러(Greg Shearer) 및 빌 피터슨(Bill Peterson)의 통찰은 구리 가격에 대한 단기적인 장애물과 전기차 및 공급 동태의 변화에 의해 주도되는 화려한 장기 전망을 제시한다.
이는 United States Copper Index Fund ETV(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), Global X Copper Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) 및 iShares Copper and Metals Mining ETF(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>)에 투자한 이들에게는 장기적으로 좋은 소식처럼 보일 수 있다.
<h2 class="wp-block-heading">전기차 붐: 구리 수요를 급증시키다</h2>
전기차(EV) 혁명은 구리 수요를 전기화할 준비가 되어 있다. JP모건은 전기차에서의 구리 사용량이 2023년 140만 톤에서 2030년까지 300만 톤으로 두 배 이상 증가할 것이라고 예측한다. 얇은 구리 양극 포일과 같은 기술 발전이 수요를 저해할 수 있다는 우려가 있지만, 이 애널리스트들은 그렇지 않다고 주장한다.
전기차 크기의 증가와 리튬-철-인산(LFP) 배터리로의 전환 — 이는 구리 사용량이 더 많은 배터리이다 — 이 장기적인 성장을 주도할 것으로 예상된다.
추가 읽기: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41337566/trump-2-0-trade-policies-could-hit-copper-stocks-harder-warns-jpmorgan-analyst">트럼프 2.0 무역 정책이 구리 주식에 더 큰 타격을 줄 수 있다고 경고한 JP모건 애널리스트</a>
<h2 class="wp-block-heading">신기술: 용출이 생명줄이 될 수 있을까?</h2>
용출 기술(Leaching technologies)이 화제를 모으고 있지만, 구리 공급을 혁신할 수 있을까? 아직은 아니라고 이 애널리스트들은 말한다. 프리포트-맥모란(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)과 BHP 그룹(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>)과 같은 주요 광산업체들의 프로젝트가 수면 위로 떠오르고 있지만, 이러한 발전이 2030년 이전에 공급 감소를 상쇄할 가능성은 낮다.
최고로 봐도 용출 기술은 연간 55만 톤을 추가할 수 있으며, 이는 전 세계 공급의 2%에 불과하다.
<h2 class="wp-block-heading">스크랩 및 재활용: 주목받지 않는 영웅?</h2>
재활용은 구리 공급의 중요한 요소로, 2024년 정제 공급의 약 17%를 차지하여 2020년의 14%에서 증가할 것이다. JP모건은 스크랩 공급이 연간 5-6% 성장할 것으로 예상하지만, 이는 역사적 비율보다 빠르긴 해도 장기적인 적자를 메우기에는 불충분하다고 전망한다. 재활용만으로는 구리 공급 부족 문제를 해결할 수 없다.
<h2 class="wp-block-heading">단기 위험, 장기 보상</h2>
JP모건은 중국 위안화가 1달러당 7.8에서 8.0으로 평가절하될 가능성 등 거시경제적 압력으로 인한 단기 위험을 경고한다. 이는 구리 가격이 12-15% 하락하게 되어 주식에 악영향을 미칠 수 있지만, 이 애널리스트들은 다가오는 공급-수요 격차에 기초하여 장기적인 경로에 대해 긍정적으로 전망하고 있다.
그들의 추천 종목은 다음과 같다:
룬딘 마이닝(OTCPK:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/lunmf" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for LUNMF">LUNMF</a>)은 EMEA에서 선두주자이며, 테크 리소스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>)는 아메리카에서 가장 높다. 아시아-태평양의 선호 종목은 지진 마이닝(Zijin Mining)과 메르데카 코퍼(Merdeka Copper)이며, 장시 코퍼(Jiangxi Copper)와 샌드파이어 리소스(Sandfire Resources)에 대해서는 주의가 필요하다.
다음 읽기: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41877899/trump-re-election-jolts-metals-market-as-gold-sees-a-stumble-not-a-sea-change">트럼프 재선이 금 시장에 충격을 주고 금은 &#8216;급락, 변화 없음&#8217;으로 이어진다</a></li>
</ul>
이미지: Shutterstock
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6월은 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener" data-google-interstitial="false">섹터 및 산업 성과</a>의 상당한 격차에도 불구하고 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)가 추적하는 S&amp;P 500이 3.2% 상승하는 등 주식 시장에서 높은 평가를 받으며 마감되었다.
Technology Select Sector SPDR Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)가 추적하는 기술 부문은 지난달 실적에서 11개 S&amp;P 500 섹터를 주도하며 7.7% 급등해 올해 가장 높은 월간 상승률을 달성했다.
이와는 대조적으로 유틸리티 부문은 Utilities Select Sector SPDR Fund(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)가 6.3% 하락해 2023년 9월 이후 최악의 달을 기록하는 등 부진했다.
<h3 class="wp-block-heading">6월 최고의 성과를 보인 산업 ETF들</h3>
iShares Expanded Tech-Software Sector ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGV#NYSE">IGV</a>)는 지난달 11.3% 상승하여 산업 ETF 중 1위를 차지했다.
이에 뒤이어 VanEck Semiconductor ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>)가 8.4% 상승하며 반도체 부문에서 강력한 모멘텀을 보여주었다.
VanEck Semiconductor ETF는 2023년 10월 최저치를 기록한 이후 무려 87%, 2022년 10월 이후로는 200% 이상 상승해 AI 중심 주식의 눈부신 성장을 반영했다.
월간 실적 측면에서 3위를 차지한 SPDR S&amp;P Biotech ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XBI#NYSE">XBI</a>)는 4% 상승했다.
소프트웨어 부문에서는 24.9% 상승한 어도비(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), 22.1% 오른 크라우드스트라이크 홀딩스(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>), 20% 상승한 오라클(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>)이 눈에 띄는 성과를 거두었다.
브로드컴(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)는 21% 상승으로 칩 제조업체를 이끌었다. 유니버설 디스플레이 코퍼레이션(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OLED#NYSE">OLED</a>)은 19.7% 증가로 그 뒤를 쫓았고, 코보(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>)는 18% 상승을 기록했다.
생명공학 분야에서 실렉스 홀딩(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCLX#NASDAQ">SCLX</a>)는 78.8%의 급등을 경험하여 업계 최고의 상승세를 보였다. 앨라일람 파마슈티컬스(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALNY#NASDAQ">ALNY</a>)는 63.7% 급등한 반면, 어비디티 바이오사이언스(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>)는 52%의 강력한 상승세를 보였다.
<h3 class="wp-block-heading">6월 자금 유입량 상위 산업 ETF</h3>
자금 흐름을 조사한 결과 VanEck Semiconductor ETF는 투자자들에게 최고의 선택으로 부상했으며 트레이딩뷰(Tradingview) 데이터에 따르면 10억 달러 이상을 유치하고 9개월 연속 유입을 달성했다. 올해 현재까지 이 펀드는 46억 달러의 순유입을 기록했다.
iShares Expanded Tech-Software Sector ETF는 6월에 약 4억 8천만 달러를 유치하여 6개월 연속 유출을 깨고 2022년 9월 이후 가장 높은 월간 유입을 기록했다. 그러나 연간 순 흐름은 여전히 ​​11억 5천만 달러 마이너스이다.
iShares Biotechnology ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBB#NYSE">IBB</a>)는 투자자들의 높은 관심을 반영하여 지난달 1억 4,800만 달러의 자금을 유입했다. 강력한 유입을 목격한 또 다른 업계는 약 1억 3천만 달러를 유치한 Global X Copper Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)로 대표된다.
다음 읽기:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39577080/manufacturing-contracts-more-than-expected-in-june-putting-pressure-on-profitabilit">6월 제조업 계약 예상보다 많아 &#8216;수익성 압박&#8217;: 수익률 상승, 주식 하락</a></li>
</ul>
사진: 셔터스톡

6월 상위 성과 업종 ETF: 소프트웨어는 수익을 선도, 칩 메이커들은 가장 많은 자금 유치

금요일은 최근 몇 년 동안 금속 원자재 가격이 가장 강한 날 중 하나가 될 것으로 예상된다. 금은 1.7% 이상 상승해 온스당 2,400달러를 넘어 사상 최고치를 기록했고, 은은 6% 이상 급등해 2013년 2월 이후 최고치까지 올랐으며, 구리는 <a href="https://www.benzinga.com/topic/mining">사상 최고치</a>를 기록했다.
What Happened: 인플레이션 우려가 줄어들면서 한 주 동안 연방준비제도(연준)의 금리 인하 주장이 강화되었다. 또한, 어려움을 겪고 있는 부동산 부문을 지원하기 위한 중국의 광범위한 경기 부양책 소식으로 인해 금속 원자재 가격이 급등했다. 베이징은 주택 구입자들을 위한 계약금을 줄이고, 팔리지 않은 부동산을 <a href="https://www.benzinga.com/markets/asia/24/05/38895805/china-goes-all-in-as-beijing-vows-to-buy-unsold-properties-chinese-stocks-rally-copper-hits-all-time" target="_blank" rel="noopener">사회주택</a>으로 전환하기 위한 국가 재정 지원 패키지 등의 조치를 발표했다.
중국이 구리의 최대 수입국이기 때문에 중국 경제 건전성에 매우 민감한 구리는 4% 상승하여 파운드당 5달러를 넘어섰다. 이번 급등은 새로운 사상 최고치이자 2022년 11월 이후 가장 큰 폭의 일일 상승을 보였다.
은과 금과 같은 귀금속은 금리와 중국 관련 발전에 긍정적으로 반응했다. 은은 30달러 이상으로 급등하여 트리플탑의 저항선 패턴을 벗어났다.
차트: 구리, 사상 최고치 경신
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" class="wp-image-344275" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17151239/image-75.png 1920w" alt="" width="1024" height="495" /></figure>
<h3 class="wp-block-heading">금속 상품에 대한 전문가적 시각</h3>
크레스캣 캐피털(Crescat Capital)의 거시 전략가인 오타비오 코스타(Otavio Costa)에 따르면 중앙은행은 &#8220;외화 보유고의 질을 높이고 이를 통해 통화 시스템의 신뢰성을 강화하기 위해 금을 확보&#8221;하고 있다.
그는 많은 투자자 및 거래자와는 달리 중앙은행은 장기적인 관점을 가지고 있으며 이는 &#8220;이들 기관에 의한 금 축적은 이제 막 시작됐다&#8221;는 것을 의미한다고 강조했다.
골드만삭스의 분석가에 따르면 선물 가격이 사상 최고치를 기록하며 지속적인 숏 스퀴즈(공매도 압박) 속에서도 구리는 여전히 주목받고 있다. 이 투자 은행은 시장의 구조적인 공급 핍박을 언급하고 현재 수준보다 20% 증가할 것으로 예상하면서 구리에 대한 긍정적인 전망을 유지했다.
전 골드만삭스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)의 상품 전략가이자 현재 칼라일 그룹(Carlyle Group)의 에너지 경로 부문 최고 전략 책임자인 제프 커리(Jeff Currie)는 블룸버그와의 <a href="https://www.bloomberg.com/news/articles/2024-05-17/jeff-currie-says-copper-is-the-best-trade-he-s-seen-in-his-career?sref=TBDibEcD">인터뷰</a>에서 구리는 전기 자동차, 업데이트된 그리드 및 AI 데이터 센터에 전력을 공급하는 데 있어 이 금속의 중요성을 강조하면서 여전히 더 많은 운영 공간을 갖고 있다.고 강조했다.
차트: 은, 2020년 8월 이후 최고 수준 기록
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" class="wp-image-344292" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/17152107/image-76.png 1920w" alt="" width="1024" height="495" /></figure>
<h3 class="wp-block-heading">광업주들의 폭등</h3>
금속 원자재의 랠리는 광산주에 광범위한 상승을 초래했다.
<ul>
<li>SPDR S&amp;P 금속 및 광업 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XME#NYSE">XME</a>)가 1.86% 상승하여 2022년 4월 이후 최고치를 기록했다. 광산업들 중에서 최고의 수익을 기록한 기업은 쾨르 마이닝(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)와 헤클라 마이닝(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)로, 이들은 각각 11% 이상 상승했다.</li>
</ul>
<ul>
<li>글로벌 X 구리 광업 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)가 4.68% 급등하여 이 펀드 설립 이래 최고 수준을 기록했다. 이 펀드에서 최고 수익을 기록한 회사들은 타세코 광산(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGB#NYSE">TGB</a>), 에로 코퍼(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ERO#NYSE">ERO</a>), 퍼스트 퀀텀 미네랄즈(OTC:<a class="ticker" href="https://www.benzinga.com/stock/FQVLF#OTC">FQVLF</a>), 각각 9.19%, 7.52%, 7.46% 상승했다.</li>
</ul>
<ul>
<li>글로벌 X 은 광업 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>)는 4.88% 상승하여 2022년 4월 이후 최고치로 올랐다. 쾨르 마이닝와 헤클라 마이닝 외에도 엔데버 실버(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EXK#NYSE">EXK</a>)도 10.73% 올랐다.</li>
</ul>
<ul>
<li>VanEck Gold Miners ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>)가 3.39% 상승하여 2022년 4월 이후 최고 수준에 도달했다. 이 ETF에서 최고 수익을 기록한 기업은 뉴골드(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGD#NYSE">NGD</a>)로 12.23% 급등했다.</li>
</ul>
사진: 셔터스톡

은 가격은 11년 만에 최고치, 금과 구리는 사상 최고점 기록: 광산 주식 급등

4월이 끝나가면서 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener">이번 달</a>의 최고 성과 부문 및 업계 상장지수펀드(ETF) 순위를 집계할 때가 되었다.
주식 시장을 더 폭넓게 살펴보면 SPDR S&amp;P 500 ETF Trust(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)로 대표되는 S&amp;P 500 지수는 약 3% 하락하며 4월을 하락세로 마감했다. 이로써 5개월 연속 상승세가 끝났다.
마찬가지로, Invesco QQQ Trust(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)가 추적하는 기술주 중심의 나스닥 100 지수는 3.5% 하락했다.
대형주 지수 중에서 우량주는 SPDR Dow Jones Industrial Average ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)가 4.5% 하락하는 등 저조한 성과를 보였다.
iShares Russell 2000 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>)로 대표되는 소형주는 6% 이상 급락하여 2023년 10월 이후 최악의 실적을 기록했다.
전반적으로 이번 달은 예상을 뛰어넘는 인플레이션으로 인해 주식시장에 어려운 달이었다. 이로 인해 연방준비제도(연준)의 금리 인하 가능성에 대한 시장 기대가 재조정되었다.
또한 현재 진행 중인 가자지구 문제와 함께 특히 이스라엘과 이란 간의 복잡한 글로벌 지정학적 긴장이 대두되고 있다.
5월은 투자자들이 수요일 연준의 공개시장위원회(FOMC) <a href="https://www.benzinga.com/general/macro-notification/24/04/38526201/is-hawkish-shift-on-inflation-imminent-wall-street-analysts-traders-brace-for-fed-impa">회의</a>를 기다리면서 중요한 행사로 시작될 것으로 예상된다.
금리 변동은 없을 것으로 예상되지만 최근 인플레이션에 대한 대응으로 연준의 입장을 평가하기 위한 제롬 파월 연준 의장의 발언에 모든 ​​관심이 쏠릴 것이다.
<h2 class="wp-block-heading">2024년 4월 섹터 ETF의 성과</h2>
섹터수준에서는 유틸리티 섹터만 이번 달 손실을 피해 2.1% 상승했다.
4월에 유틸리티 섹터의 가장 큰 주식 공헌자는 넥스트에라 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>), 서던 컴퍼니(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>), 도미니언 에너지(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>) 및 NRG 에너지 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)로 4%에서 8% 사이의 월간 상승을 보여주었다.
에너지 주식들은 전반적으로 안정적이었으며, S&amp;P 500의 다른 9개의 섹터들은 모두 손실을 보여주었다.
부동산은 한 달 동안 국채 수익률이 전반적으로 상승함에 따라 금리에 대한 높은 민감도로 인해 7% 이상 하락하는 최악의 실적을 기록했다.
부동산 다음으로, 기술 및 헬스케어 섹터 역시 4월에는 좋지 않은 성과를 보였다.
<h4 class="wp-block-heading">4월의 최고와 최악의 섹터 ETF: 유틸리티 우위, 부동산 부진</h4>
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th>Sector</th>
<th>April 2024 performance</th>
</tr>
</thead>
<tbody>
<tr>
<td>유틸리티 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td>
<td>2.06%</td>
</tr>
<tr>
<td>에너지 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td>
<td>0.01%</td>
</tr>
<tr>
<td>생필품 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td>
<td>-1.11%</td>
</tr>
<tr>
<td>산업 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td>
<td>-3.23%</td>
</tr>
<tr>
<td>생활소비재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td>
<td>-3.68%</td>
</tr>
<tr>
<td>금융섹터 셀렉트 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td>
<td>-3.85%</td>
</tr>
<tr>
<td>소재 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td>
<td>-4.13%</td>
</tr>
<tr>
<td>통신서비스 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td>
<td>-4.24%</td>
</tr>
<tr>
<td>기술 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td>
<td>-4.78%</td>
</tr>
<tr>
<td>건강관리 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>부동산 셀렉트 섹터 SPDR 펀드 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td>
<td>-7.83%</td>
</tr>
</tbody>
</table><figcaption class="wp-element-caption">2024년 4월 30일 오후 2시 50분 EDT 기준</figcaption></figure>
<h2 class="wp-block-heading">2024년 4월 산업 ETF의 성과</h2>
블랙록(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>)의 iShares가 제공하는 업계 ETF 목록에 따르면 25개 산업 중 5개 산업만이 4월에 상승세를 기록했다. 그중 광업주들은 은, 구리, 금 광산주가 강력한 상승세를 보이는 등 전반적으로 좋은 성적을 거두었다.
4월에 광업 산업의 개수의 존재의 의미있는 기여자들은 팬 아메리칸 실버 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)가 20% 이상 상승, 뉴몬트(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)이 14% 상승, 앵글로 아메리칸(OTCPK:AAUKF)이 40% 이상 상승 등이었다.
에너지 생산업체들도 상승 마감할 수 있었다.
업계 순위에서 가장 낮은 부분에 있는 주택 건설업체, 운송, 생명공학 주식, 디지털 인프라 및 부동산은 모두 4월에 7%에서 9.6% 사이의 손실을 보고했습니다.
On the bottom side of the industry rankings, homebuilders, transportation, biotech stocks, digital infrastructure and real estate all report losses between 7% and 9.6% in April.
산업순위의 하위권에서는, 4월에 홈빌더, 운송, 바이오 기술 주식, 디지털 인프라 및 부동산이 각각 7%에서 9.6% 사이의 손실을 보고 있다.
<figure class="wp-block-table is-style-stripes">
<table style="overflow:auto; height: 90px; display: block;">
<thead>
<tr>
<th></th>
<th>성과</th>
</tr>
</thead>
<tbody>
<tr>
<td>iShares MSCI 글로벌 실버 및 금속 채광업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLVP#NYSE">SLVP</a>)</td>
<td>12.11%</td>
</tr>
<tr>
<td>iShares Copper and Metals Mining ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)</td>
<td>9.50%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금괴 채굴업 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>)</td>
<td>5.93%</td>
</tr>
<tr>
<td>iShares MSCI 글로벌 금속 및 광업 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PICK#NYSE">PICK</a>)</td>
<td>2.81%</td>
</tr>
<tr>
<td>iShares MSCI_Global_Energy_Producers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FILL#NYSE">FILL</a>)</td>
<td>2.46%</td>
</tr>
<tr>
<td>iShares U.S. Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITA#NYSE">ITA</a>)</td>
<td>-1.16%</td>
</tr>
<tr>
<td>한미파이 체인지 트럼프 월가 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IEO#NYSE">IEO</a>)</td>
<td>-1.37%</td>
</tr>
<tr>
<td>아이쉐어스 레지던셜 앤 멀티섹터 부동산 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/REZ#NYSE">REZ</a>)</td>
<td>-1.66%</td>
</tr>
<tr>
<td>iShares 리튬 채광 및 생산업체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ILIT#NYSE">ILIT</a>)</td>
<td>-3.30%</td>
</tr>
<tr>
<td>iShares U.S. 브로커-딜러 및 유가증권 거래소 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>)</td>
<td>-3.74%</td>
</tr>
<tr>
<td>iShares U.S. 금융 서비스 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>)</td>
<td>-3.88%</td>
</tr>
<tr>
<td>iShares 확장된 기술 섹터 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGM#NYSE">IGM</a>)</td>
<td>-4.37%</td>
</tr>
<tr>
<td>iShares 반도체 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>)</td>
<td>-4.40%</td>
</tr>
<tr>
<td>iShares U.S. Healthcare Providers ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHF#NYSE">IHF</a>)</td>
<td>-4.79%</td>
</tr>
<tr>
<td>iShares U.S. 보험 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAK#NYSE">IAK</a>)</td>
<td>-4.85%</td>
</tr>
<tr>
<td>iShares U.S. Regional Banks ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAT#NYSE">IAT</a>)</td>
<td>-5.11%</td>
</tr>
<tr>
<td>iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-5.38%</td>
</tr>
<tr>
<td>iShares U.S. Oil Equipment &amp; Services ETF (NYSE:&lt;</td>
</tr>
</tbody>
</table>
</figure>

월가에 소나기 내린 4월: 우울한 시장에 광업 및 유틸리티 부문이 상승하며 부상

호주의 다국적 광산업체인 <a href="https://www.benzinga.com/quote/BHP" target="_blank" rel="noopener">BHP</a> 그룹(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>)가 경쟁사인 앵글로 아메리칸(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>)에 제출한 약 400억 달러 입찰은 이 회사를 인수하기에 충분하지 않을 수 있다. 왜냐하면 구리 자산에 대한 전 세계적 쟁탈전 속에서 다른 다각화된 광산업체들이 아마도 경쟁 입찰을 할 것이기 때문이다.
작년에 호주 구리 생산업체인 OZ 미네랄(OZ Minerals)의 64억 달러 인수를 완료한 후, BHP는 세계 경제가 화석 연료에서 전환함에 따라 앞으로 수요가 크게 증가할 것이라는 광범위한 기대 속에서 구리에 대한 투자를 두 배로 늘리고 있다.
태양광, 풍력 발전소, 전기 자동차에는 기존 유틸리티 및 내연 기관 자동차보다 더 많은 구리가 필요하다.
투자 컨설팅 회사인 델타 캐피털 매니지먼트(Delta Capital Management)의 설립자인 숀 캐스터라인(Sean Casterline)은 Benzinga에 &#8220;이것은 세계 청정 에너지 운동의 핵심인 구리 및 기타 금속에 ​​대한 쟁탈전으로 인해 추진된 산업용 금속을 통합하려는 최신 움직임&#8221;이라고 말했다.
이미 세계 최대의 광산 회사인 BHP는 현재 칠레의 국영 코델코(Codelco)와 미국의 대형 기업인 프리포트 맥모란(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>)에 이어 세 번째로 큰 구리 생산업체이다. 앵글로 아메리칸과의 합병으로 BHP는 선두 위치로 올라설 것이다.
RBC 캐피털 마켓의 분석가는 &#8220;우리의 견해로는 구리 자산이 제안된 거래의 주요 동인이라고 생각한다&#8221;라고 말했다.
<h1 class="wp-block-heading">경쟁 입찰 가능성 높다</h1>
BHP는 런던에 본사를 둔 앵글로 아메리칸에 주당 25.08파운드(32.27달러)를 제안했으며 앵글로 아메리칸은 이 제안을 검토 중이라고 밝혔다. 이번 전체 주식 거래는 앵글로 아메리칸의 가치를 311억 파운드(389억 달러)로 평가하며 이 영국 회사가 남아프리카에 상장된 앵글로 아메리칸 플래티넘(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) 및 쿰바 철광석(Kumba Iron Ore Ltd.)(OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>)의 지분을 분할하는 데 달려 있다.
이번 제안은 앵글로 아메리칸의 런던 상장 주식에 대해서는 14% 가량의 프리미엄을, 그리고 동사의 백금 및 철광석 부문을 제외한다면 31% 가량의 프리미엄을 나타낸다.
그러나 이에 대해 여러 분석가들은 이게 충분하지 않을 수도 있다고 말했다.
또한 읽어볼 것: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">구리는 1만 달러에 달할까? ‘불확실한 미래를 맞닥뜨리는 귀중한 금속&#8217;</a>
앵글로 아메리칸의 주가는 최근 너무 하락했기 때문에 이사회와 주주들은 아마도 BHP가 구리 사업을 운영하고 있는 칠레와 페루에서의 이 회사 구리 자산을 포함한 회사의 가치를 BHP의 제안이 과소평가한 것으로 생각할 것이다. 앵글로 아메리칸의 주가는 운영 문제, 실망스러운 생산 전망, 다이아몬드 및 플래티넘 그룹 시장의 부진으로 인해 어려움을 겪고 있다.
BHP의 제안은 &#8220;앵글로 이사회나 주요 주주를 끌어들이기에 충분하지 않은 소심하고 다소 복잡한 입찰&#8221;이라고 리버룸(Liberum)의 분석가 벤 데이비스(Ben Davis)가 말했다. BHP의 제안 이후 그는 앵글로의 목표 가격을 27.50파운드(34.41달러)로 높였다. 이는 제안이 공식적으로 공개되기 전 주식 종가에서 거의 25% 상승한 수치입니다.
제프리스(Jefferies)의 분석가들은 회사 간의 진지한 논의를 위해서는 주당 최소 28파운드(35.04달러)의 가격이 필요할 것이며 주당 30파운드(37.54달러)를 넘는 테이크아웃 가격은 입찰 전쟁의 결과가 될 것이라고 말하면서 더 높이 올렸다.
&#8220;만약 BHP가 실제로 이 거래를 계속 추진한다면 다른 입찰자가 나오지 않는다면 우리는 놀랄 것이다&#8221;라고 이 회사가 말했다. &#8220;이 게임이 시작되는 것을 보자.&#8221;
RBC 캐피털 마켓의 분석가들은 이 회사의 구리 자산을 결합할 때 얻을 수 있는 잠재적 이점 때문에 다각화된 채굴업체 글렌코어(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>)를 하나의 논리적 입찰자로 선정했다. 이 회사는 브라질 철광석 자산 결합의 매력 때문에 발리(NYSE:<a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/vale" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for VALE">VALE</a>)도 가능성으로 내세웠다.
데이비스는 다국적 광산 기업인 리오 틴토(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>)를 중요한 후보로 꼽았다. 하지만 그는 이 회사가 광산을 구매하는 것보다 광산을 건설하는 것을 선호하는 것으로 유명하다고 지적했다.
<h1 class="wp-block-heading">금광 회사들의 구리 자산 확장</h1>
구리 인수가 매력적인 이유 중 하나는 처음부터 새로운 구리 광산을 건설하는 데 비용이 많이 들고 시간이 많이 걸린다는 것이다.
허가를 받기 어려운 미국이나 현지 시위 이후 최근 법원 판결로 대규모 구리 광산을 폐쇄해야 하는 파나마와 같은 다른 관할권에서는 특히 그렇다고 폴라리스 캐피털(Polaris Capital)의 포트폴리오 매니저인 제이슨 크로쇼(Jason Crawshaw)가 말했다. 폴라리스 캐피털은 구리 광산업체인 런딘 마이닝 코퍼레이션(OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>)와 안토파가스타(Antofagasta) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>)에 투자하고 있다.
그는 벤징가(Benzinga)에게 &#8220;자산 쟁탈전이 벌어지고 있다&#8221;고 말했다. &#8220;모두는 항상 구리에 더 많이 노출되기를 원한다.&#8221;
금광 회사들조차 구리 자산을 더 확대하는 데 관심을 갖고 있다.
작년에 미국에 본사를 둔 금광 메이저인 뉴몬트(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>)는 호주의 금광업체인 뉴크레스트 마이닝(Newcrest Mining Ltd.)을 거의 170억 달러에 인수하여 거의 500억 파운드에 달하는 구리 매장량과 자원을 단번에 추가했다.
한편, 캐나다에 본사를 둔 경쟁사인 배릭 골드(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>)는 2028년 공장 생산 확대를 목표로 잠비아 구리 광산을 확장하기 위해 약 20억 달러를 지출하고 있다.
구리 생산업체에 대한 다양한 노출을 원하는 투자자는 Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), Sprott Copper Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>), Sprott Junior Copper Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>) 및 iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>)를 고려할 수 있다.
이제 읽어보세요: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">구리 가격 상승, 포트폴리오 검토로 결과가 나오지 않는 앵글로 아메리칸 주식</a>
사진: 앵글로 아메리칸의 칠레 구리 광산 사진 (출처: 앵글로 아메리카의 플리커)

NGLOY

구리는 HOT한 상품: BHP의 '인수 제안' 후 앵글로 아메리칸에 대한 입찰 경쟁 예상

월스트리트는 인공 지능(AI) 운영에 필수적인 데이터 센터에서 금속의 사용이 증가함에 따라 구리에 대한 관심이 높아지고 있음을 보여주고 있다.
What Happened: 제프리스(Jefferies)의 메모에 따르면 데이터 센터의 전 세계 구리 수요는 2023년 239,000톤에서 2030년까지 연간 최소 450,000톤으로 증가할 것으로 예측된다고 <a href="https://www.cnbc.com/2024/04/15/wall-street-bullish-on-copper-on-ai-demand-analysts-like-these-stocks.html">CNBC가 보도했다</a>.
&#8220;저희의 분석결과 이 잠재적 수요 증가는 기본적으로 구리 시장의 공급 적자를 악화시킬 것이며, 결국에는 가격이 오를 것&#8221;이라고 제프리스 분석가들이 밝혔다.
또한 모건스탠리는 올해 말까지 구리 가격이 톤당 10,500달러에 달할 것으로 예측했으며, 이는 12%의 상승률이다. 이 예측은 인공지능 및 데이터 센터 운영에서 구리에 대한 수요 증가와 함께 공급이 제한되는 것에 기반을 두고 있다.
참고 자료: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38222451/original-trump-nft-collection-trading-volume-plunges-99-in-past-30-days-ahead-of-criminal-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">오리지널 트럼프 NFT 컬렉션 거래량, 형사재판을 앞두고 지난 30일 동안 99% 급감</a>
이 보도는 이 부문에 관심이 있는 투자자들이 글로벌 X 구리 광산 ETF(Global X Copper Miners ETF) (ARCA: <a class="items-end ticker-link-wrapper inline-flex" href="https://www.benzinga.com/quote/copx" target="_blank" rel="dofollow noopener" aria-label="Go to Quote Page for COPX">COPX</a>)의 주식, 특히 200% 이상의 잠재적 상승률과 100% 매수 등급을 보여주는 캐나다 기업 솔라리스 리소스(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SLSSF#OTC">SLSSF</a>)의 주식을 고려할 것을 제안한다.
필로 마이닝(Filo Mining) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FLMMF#OTC">FLMMF</a>)도 분석가들로부터 25%의 상승 잠재력과 92%의 인상적인 매수 등급을 받아 주목을 받았다. ETF를 통해 이 분야에 투자하고 싶은 투자자들을 위해 선택지로는 ETF를 통해 이 분야에 투자하고 싶은 투자자들을 위해 선택지로는 Global X Copper Miners ETF, Sprott Copper Miners ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>) 및 iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>) 등이 있다.
Why It Matters: 구리 수요의 급증은 인공지능 붐과 밀접한 관련이 있다. 골드만삭스가 테크 주식, 특히 인공지능 부문의 뛰어난 성과에 힘입어 <a href="https://www.benzinga.com/markets/equities/24/03/37927561/goldman-sachs-predicts-15-upside-for-s-p-500-ai-boom-could-drive-market-to-6-000">2024년 말까지 S&amp;P 500이 15% 상승할 것</a>이라고 예측했다.
또한 애플의 공급업체인 IQE는 AI 부문의 급속한 확장에 따른 탄탄한 주문량에 힘입어 강력한 <a href="https://www.benzinga.com/news/24/04/38179631/ai-boom-fuels-optimistic-outlook-for-key-apple-supplier-iqe-sees-strong-order-book-in-2024-despite-p" target="_blank" rel="noopener">2024</a> 회계연도 실적을 예상했다.
그러나 인공지능 붐도 그 바람직하지 않은 측면이 있다. 구글 딥마인드의 공동 창업자인 데미스 허사비스(Demis Hassabis)는 <a href="https://www.benzinga.com/news/24/04/38017024/google-deepmind-co-founder-voices-concerns-over-ai-hype-were-talking-about-all-sorts-of-things-that">AI 투자의 급증</a>으로 실제적인 과학적 발전을 가려버리고 있으니 이점에 대해 우려를 표시했다.
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