United States Copper Index Fund ETV (ARCA: CPER)

에 대한 최신 뉴스 United States Copper Index Fund ETV (ARCA:CPER)

USCF Investments

The investment seeks the daily changes in percentage terms of its shares' per share net asset value ("NAV") to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total ReturnSM (the "SCI"), less CPER's expenses. The fund seeks to achieve its investment objective by investing in the Benchmark Component Copper Futures Contracts. The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the Commodity Exchange, Inc. exchange ("COMEX").

United States Copper Index Fund *

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요즘 구리의 열기가 뜨겁다. 이에 따라 산업용 금속을 추적하는 ETF 역시 달아오르고 있다.블룸버그는 이 문제에 정통한 소식통을 인용해 미국이 당초 예상했던 일정보다 몇 달 전에 구리 수입에 막대한 관세를 부과할 것이라는 내러티브가 힘을 얻으면서, 트레이더들이 이에 대응했고, 구리 가격은 사상 최고치를 기록했다고 보도했다.

구리 가격, 관세 우려와 공급 부족으로 고공행진...관련 ETF도 급등

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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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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?

United States Copper Index Fund ETV

Copper is red-hot, and so are <a href="https://www.benzinga.com/etfs">ETFs that track the industrial metal</a>. 
Prices rocketed to new records as traders responded to increasing talks of the U.S. imposing hefty tariffs on copper imports in the near future — several months before the schedule originally anticipated, according to Bloomberg citing sources familiar with the matter. 
The news rippled across global markets, sending U.S.-listed copper ETFs to record highs and fueling concerns of inflation and supply scarcity.
Also Read: <a href="https://www.benzinga.com/etfs/new-etfs/25/03/44522702/blackrock-unveils-new-ishares-ibonds-etfs-for-fixed-income-investors">BlackRock Unveils New iShares iBonds ETFs For Fixed-Income Investors</a>
<h1 class="wp-block-heading">Copper ETFs Break Records</h1>
The copper price rally propelled ETFs tracking the metal to their highs. The $200.7 million United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) rose more than 3% on Wednesday before backing off, taking year-to-date gains to 30% (as of writing, YTD gains is 27%). The more volatile USCF Daily Target 2X Copper Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPXR#NYSE">CPXR</a>), which started in January and seeks to replicate twice the daily return of copper futures, reached another all-time high — 45% since it started. It has since retreated slightly and currently stands at 37.64% gains since inception.
Investors have been rushing into copper ETFs during the price spike. CPER experienced $18.5 million in net inflows from March 13 to March 25, according to etf.com, indicating sustained interest in the metal. Copper miner ETFs have also reaped benefits from the spurt. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which owns leading mining stocks, has risen 7.6% year-to-date, helped by improving copper prices and investor appetite for mining stocks.
<h1 class="wp-block-heading">The Driving Force Behind The Fever</h1>
The copper tariff hype received traction following a report indicating President Donald Trump may impose a whopping 25% duties on import of all copper into the U.S. The gesture, allegedly sought to protect native production of minerals of paramount significance, forms a part of larger efforts toward diversifying American supply chains. Nevertheless, with the lengthy lead times necessitated to increase domestic mining capability, the short-term impact has been increased prices as vendors scramble to deliver copper into the U.S. prior to the imposition of tariffs, <a href="https://www.bloomberg.com/news/articles/2025-03-26/trump-may-implement-copper-import-tariffs-within-weeks?sref=TBDibEcD">reported </a>Bloomberg.
New York COMEX copper futures rose as high as 3.1% on Wednesday to a record high of $5.374 per pound before backtracking. The disparity between U.S. and world prices was stark — benchmark London Metal Exchange (LME) copper prices temporarily dipped 2.2% to $9,893 a metric ton, widening the difference between the two markets to over $1,750 a ton. This arbitrage chance initiated a worldwide sprint to reroute cargoes to the U.S., leaving major consumer China short, per Bloomberg.
Also Read: <a href="https://www.benzinga.com/25/03/44523208/new-polen-capital-etfs-target-floating-rate-loans-high-yield-bonds">Polen Capital Introduces ETFs Target Floating-Rate Loans, High-Yield Bonds</a>
<h1 class="wp-block-heading">Trade Wars, Global Supply Constraints</h1>
Copper is the newest front in the Trump administration&#8217;s relentless trade wars. The prospective tariffs follow previous tariffs on steel, aluminum and other goods, which have had a supply chain-whipping effect around the world and increased U.S. manufacturers&#8217; input costs. The threat of fresh trade barriers has again instigated fears of inflation, as increased raw material prices could percolate down through to consumers and businesses.
Supply limitations also still keep the market tight, <a href="https://www.theglobeandmail.com/investing/markets/stocks/XCG-T/pressreleases/31551635/rising-copper-prices-boost-commodity-etf-amid-tariff-fears-and-china-stimulus/">noted </a>The Globe And Mail. Declining investments in new mining operations and refining capacity have kept the sector fighting to meet demand. Even if new copper production in the U.S. increases, it will be several years before it can significantly contribute to supply, so prices can remain high for the foreseeable future.
<h1 class="wp-block-heading">What&#8217;s Next for Copper and ETFs?</h1>
With tariffs on the horizon, weeks away at worst, copper&#8217;s run could yet have some life left in it. Confirmation of duties could boost U.S. copper prices to even higher levels, increasing the arbitrage differential with the global markets. Players will be interested to see how supply chains recalibrate and whether China&#8217;s stimulus measures continue to underpin demand.
For ETF investors, the rally highlights the metal&#8217;s pivotal role in electrification, AI infrastructure and renewable energy transitions. Whether through direct copper ETFs such as CPER or mining-related funds such as COPX, the metal&#8217;s rebound offers both opportunities and threats as geopolitical and macroeconomic trends influence its path.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/new-etfs/25/03/44521217/new-rsmr-etf-balances-risk-and-reward-for-investors">New RSMR ETF Balances Risk And Reward For Investors</a></li>
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Red-Hot Copper: ETFs Soar On Tariff Speculation, Supply Squeeze

<figure class="wp-block-image size-large"><img decoding="async" src="https://thearorareport.com/wp-content/uploads/2025/03/2025-03-26_08h19_57.jpg" alt="" /></figure>
To gain an edge, this is what you need to know today.
<h4 class="wp-block-heading">Doctor Copper</h4>
Please <a href="https://thearorareport.com/stock-market-chart-analysis-copper-futures-cper-mc-03262025">click here</a> for an enlarged chart of copper ETF United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>).
Note the following:
<ul>
<li>Copper is known as Doctor Copper because historically copper has been a good indicator of the global economy.&nbsp; However, this time it is different because the move in copper is due to President Trump's policies.&nbsp;</li>
<li>The chart is a monthly chart to give you a long term perspective.</li>
<li>The chart shows that copper is hitting a new high.</li>
<li>The up move over the last month is due to the threat of US tariffs.</li>
<li>President Trump instructed the Commerce Department to look into copper tariffs on February 25th and produce a report within 270 days.&nbsp; It appears now that the Commerce Department is ready with the report.</li>
<li>In our analysis, copper tariffs may come within weeks, much earlier than expected.</li>
<li>Copper futures on Comex hit a record of $5.37 per pound.</li>
<li>Copper is important because the demand has been rising due to its use in AI data centers, electric vehicles, and more power production.</li>
<li>In anticipation of tariffs, copper traders are importing huge amounts of copper into the United States.</li>
<li>The largest publicly traded copper producer by market cap is Freeport-McMoRan Inc (FCX).  As full disclosure, FCX is in our ZYX Buy Core Model Portfolio. There is another copper position in First Quantum Minerals Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FQVLF#OTC">FQVLF</a>).  FQVLF is also a buyout target.  Earlier this morning, we gave a new signal on copper producer Taseko Mines Ltd (TGB) due to its Florence Copper Project in Arizona; as of December 2024, the project was 56% complete.  Being in the United States, Florence Copper Project will benefit from tariffs.  The signal was given in our ZYX Buy. </li>
<li>Another big use of copper is in housing.&nbsp; If there is a recession, copper demand from housing will fall.</li>
<li>Prudent investors should take a global perspective.&nbsp; China is the biggest consumer of copper.</li>
<li>Consumer confidence fell to a four year low.&nbsp; Consumer confidence came in at 92.9 vs 93.5 consensus.&nbsp; As a reference, consumer confidence was 100.1 in February.&nbsp; A number below 80 is an indication of a recession.&nbsp;</li>
<li>Durable orders data is strong.
<ul>
<li>Durable orders came in at 0.9% vs -1.2% consensus.</li>
<li>Durable orders &#8211; ex transport came at 0.7% vs 0.1% consensus.</li>
</ul>
</li>
<li>Market mechanics continue to be in control of the stock market.  Please click <a href="https://www.benzinga.com/markets/equities/25/03/44476483/market-mechanics-driving-stocks-tariffs-whipsaw-ai-data-center-bubble-warning">here </a>to see the prior Morning Capsule for details.</li>
<li>As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents.   Please scroll down to see the protection band. </li>
</ul>
<h4 class="wp-block-heading">Magnificent Seven Money Flows</h4>
In the early trade, money flows are positive in Apple Inc (AAPL), Amazon.com, Inc. (AMZN), and Microsoft Corp (MSFT).
In the early trade, money flows are negative in Meta Platforms Inc (META), NVIDIA Corp (NVDA), Alphabet Inc Class C (GOOG), and Tesla Inc (TSLA).
In the early trade, money flows are neutral in SPDR S&amp;P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ).
<h4 class="wp-block-heading">Momo Crowd And Smart Money In Stocks</h4>
Investors can gain an edge by knowing money flows in SPY and QQQ.  Investors can get a bigger edge by knowing when smart money is buying stocks, gold, and oil.  The most popular ETF for gold is SPDR Gold Trust (GLD).  The most popular ETF for silver is iShares Silver Trust (SLV).  The most popular ETF for oil is United States Oil ETF (USO).
<h4 class="wp-block-heading">Oil</h4>
Oil inventory data from API came at a draw of 4.6M barrels vs a consensus of a draw of 2.5M barrels.&nbsp; This data is bullish in the short term and bringing in buying.&nbsp; However, prudent investors should note that there is a counter balance — the US and Russia have reached a deal on a ceasefire in the Black Sea.&nbsp; The US is also likely to work to reduce or eliminate sanctions on Russian oil.
As full disclosure, there are signals in oil in inverse oil ETF ProShares UltraShort Bloomberg Crude Oil (SCO) in The Arora Report&#8217;s ZYX Buy and oil ETF United States Oil Fund LP (USO) in The Arora Report&#8217;s ZYX Short.
<h4 class="wp-block-heading">Bitcoin</h4>
Bitcoin is range bound.
<h4 class="wp-block-heading">Protection Band And What To Do Now</h4>
It is important for investors to look ahead and not in the rearview mirror.  Our proprietary protection band puts all of the data, all of the indicators, all of the news, all of the crosscurrents, all of the models, and all of the analysis in an analytical framework that is easily actionable by investors. 
Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.
You can determine your protection bands by adding cash to hedges.&nbsp; The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive.&nbsp; If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.
A protection band of 0% would be very bullish and would indicate full investment with 0% in cash.&nbsp; A protection band of 100% would be very bearish and would indicate a need for aggressive protection with cash and hedges or aggressive short selling.
It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.&nbsp; When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.&nbsp; High beta stocks are the ones that move more than the market.
The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever <a href="https://thearorareport.com/generate-wealth-newsletter-benzinga">Generate Wealth Newsletter</a>.

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Copper Hits A New High, Consumer Confidence At Four-Year Low, Market Mechanics Control Stock Market

Copper prices have surged above $10,000 per metric ton on the London Metal Exchange (LME) for the first time since October. On LME, copper has gained 14% year-to-date, while <a target="_blank" href="https://www.benzinga.com/topic/copper" rel="noreferrer noopener">U.S. copper futures</a> surged 26%.
The price differential widened to $1,200 per metric ton, creating arbitrage opportunities. Since copper futures result in physical delivery on maturity, buyers have scrambled to move supplies into the U.S.
Between 100,000 and 150,000 metric tons of copper will arrive in the U.S. in the coming weeks, potentially surpassing the monthly import record of 136,951 tons set in January 2022.
Leading commodity traders, including Trafigura, Glencore, and Gunvor, have aggressively rerouted shipments, with additional warehouse space being secured in New Orleans and Baltimore to handle the influx.
Still, the 12% differential between the domestic and foreign copper prices is around half of anticipated copper tariffs.
On February 25, President Donald Trump signed an executive action directing the U.S. Commerce Department to investigate copper imports on national security grounds. Leading institutions, including Goldman Sachs and Citigroup, responded, predicting a <a target="_blank" href="https://www.benzinga.com/news/guidance/25/03/44271394/goldman-sachs-sees-copper-imports-increasing-tariffs-as-fcx-positions-to-benefit" rel="noreferrer noopener">25% tariff</a> on imported copper by year-end.
"Copper's rise is being driven solely by supply concerns surrounding the potential for universal tariffs to be placed on all imports of copper into the US," Natalie Scott-Gray, a senior metals demand analyst at StoneX, <a target="_blank" href="https://x.com/neilksethi/status/1902053890079535258" rel="noreferrer noopener">said</a>, warning about the high reliance on foreign copper.
According to ING, in 2024, the U.S. imported <a target="_blank" href="https://think.ing.com/articles/industrial-metals-monthly-us-copper-tariff-risks-pull-more-metal-to-the-us/" rel="noreferrer noopener">850,000 tons</a> of refined copper, excluding scrap. Chile was the largest supplier, accounting for 41% of imports, while 27% came from Canada.
Despite efforts to increase local production, output has steadily declined, falling 3% in 2024 after an 11% drop in 2023. Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), the largest U.S. producer, has faced declining ore grades, environmental regulations, and permitting challenges, limiting the ability to ramp up domestic supply.
The firm's CEO, Kathleen Quirk, has called for Trump's administration to classify copper as a critical mineral, anticipating a $500 million windfall from tax credits tied to the Inflation Reduction Act. Quirk sees Freeport's domestic production growing by 8%, targeting an output of 225,000 metric tons, none of which will be exported.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44375055/trump-turns-to-beautiful-clean-coal-to-address-domestic-energy-demand" target="_blank" rel="noreferrer noopener">Trump Turns To ‘Beautiful, Clean Coal' To Address Domestic Energy Demand</a></li>
</ul>
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Copper Surges As Arbitrage Opportunity Drives US Imports

Editor&#8217;s Note: The headline has been updated for clarity.
Goldman Sachs forecasts a surge in U.S. copper imports soon, driven by expectations of tariffs from President Donald Trump's <a href="https://www.benzinga.com/topic/donald-trump" target="_blank" rel="noreferrer noopener">administration</a>.
Per Reuters' <a target="_blank" href="https://www.reuters.com/markets/commodities/goldman-sachs-anticipates-surge-us-copper-net-imports-2025-03-11/" rel="noreferrer noopener">report</a>, the investment bank expects a 25% duty on copper imports by year's end, incentivizing stockpiling to frontrun the legislative. As a result, U.S. net copper imports could surge by 50-100%, adding between 200,000 to 300,000 metric tons to domestic inventories by Q3.
If this projection materializes, U.S. copper stockpiles could swell from 95,000 tons to as much as 400,000 tons or around half of global reported inventories – leaving the international market at historically low inventory levels.
For 2025, Goldman sees a 180,000-ton global copper deficit as growing demand for electrification, economic stimulus measures in China, and slow mine growth materialize. The bank sees the supply imbalance more pronounced in the second half of the year as a catalyst for higher prices.
"We maintain our forecast that the LME three-month price will average $10,200 per ton in Q3 2024 and see the impact of inventory dislocation predominantly in timespreads," the bank noted. Current three-month copper contracts on the London Metal Exchange were trading at $9,528.50 per ton as of Wednesday morning.
The largest U.S. copper producer, Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), could benefit from this scenario, particularly if copper is classified as a critical mineral.
In a recent <a target="_blank" href="https://www.reuters.com/markets/commodities/ceraweek-freeport-sees-500-million-annual-boost-if-trump-declares-copper-2025-03-10/" rel="noreferrer noopener">interview</a>, CEO Kathleen Quirk expressed optimism that the Trump administration could make this move soon, unlocking the federal tax incentives to support domestic production.
"Having the incentives and clarity around those would be a big plus for the domestic copper industry," Quirk said. Such a designation would enable Freeport to claim more than $500 million annually in tax credits tied to the Inflation Reduction Act.
Freeport-McMoRan operates seven copper mines across the U.S. and one of two domestic copper smelters. The firm doesn't export any domestically produced copper, making it a key supplier in any scenario restricting imports.
However, production costs in the U.S. are higher than in Freeport's international operations due to lower ore grades, making policy support a crucial factor.
Per the <a target="_blank" href="https://mms.businesswire.com/media/20250122679192/en/2360933/1/FCX_250123_4Q_2024_Earnings_Release.pdf" rel="noreferrer noopener">latest guidance</a>, the company expects its U.S. copper production to increase by 8% in 2025, with further growth in subsequent years. Opportunities include doubling the concentrator capacity at its Bagdad operation in Arizona, which could add 200-250 million pounds of copper annually.
Quirk also hinted at a possible <a target="_blank" href="https://www.benzinga.com/25/03/44216408/dr-congo-explores-a-minerals-for-security-deal-with-the-us" rel="noreferrer noopener">return to the Democratic Republic of Congo</a>, where Freeport previously owned the Kisanfu copper-cobalt project before selling it to China Molybdenum in 2020. "We would be interested in going back for the right opportunity," she said, adding that Freeport would seek to be the operator of any project if it re-enters the DRC.
Price Watch: Freeport-McMoRan has declined 5.28% year-to-date. The stock is up 1.56% to $36.44 premarket at the last check on Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44243837/iron-ore-production-to-accelerate-until-2030-study-says" target="_blank" rel="noreferrer noopener">Iron Ore Production To Accelerate Until 2030, Study Says</a></li>
</ul>
Photo via Shutterstock

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Goldman Sachs Sees Copper Imports Increasing Ahead Of Tariffs As FCX Positions To Benefit (UPDATED)

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

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: 
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<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>
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Image: Shutterstock

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

The re-election of Donald Trump <a href="https://www.benzinga.com/markets/commodities">has metals markets</a> looking a little like a shaken-up snow globe—chaotic and swirling. 
While some metals might be facing a rocky road, JPMorgan's Commodities Research team, led by Greg Shearer, sees gold as holding strong through the turbulence, calling recent gold action a "stumble not a sea change."
Here's the JPMorgan breakdown on what to watch in metals as this political shift unfolds.
<h2 class="wp-block-heading">"Timing and Sequencing Will Be Critical" For Base Metals</h2>
As tariff tensions escalate, Peterson and his team emphasize that "policy timing and sequencing will be critical." They anticipate that China's response will likely be "a more reactive mechanism" once tariffs are in place, rather than a proactive approach. In practical terms, this suggests that the market may start to factor in "risk premia" in the weeks ahead.
Traders should buckle up as base metals brace for near-term turbulence, holding off for now on any major plays.
Investors in base metal ETFs such as the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) and the Invesco DB Base Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBB#NYSE">DBB</a>) should remain wary of their holdings.
The analysts say one metal could break the trend, though: aluminum. With supply issues dogging the bauxite market, aluminum has an "idiosyncratic fundamental support" that could "significantly mitigate bearishness from a weaker CNY." So, while aluminum may stay relatively resilient, other base metals might be taking a temporary backseat.
Read Also: <a href="https://www.benzinga.com/markets/commodities/24/11/41793159/trumps-victory-a-tailwind-for-domestic-steel-risk-for-canada-say-analysts">Trump&#8217;s Victory A Tailwind For Domestic Steel, Risk For Canada, Say Analysts</a>
<h2 class="wp-block-heading">Gold: The "Debasement Trade" Keeps The Glitter</h2>
Gold experienced a dip following the election, but JPMorgan sees this as a temporary setback rather than a major shift. With potential U.S. fiscal challenges and rising inflation concerns, Peterson anticipates gold will perform strongly in the coming years, projecting it could reach $2,850 per ounce by late 2025.
This "debasement trade" may make gold the go-to hedge as the new administration's policies take shape, especially as inflationary pressures bubble up.
This may bode well for investors in the SPDR Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>).
<h2 class="wp-block-heading">The Yuan Factor: Copper's Achilles' Heel?</h2>
Another key factor here is the yuan (CNY). If Trump's policies lead to further yuan depreciation—potentially up to 7.40 or even 7.8, according to JPMorgan's FX strategists—copper prices could see a roughly 5% hit, dragging prices down to around $9,000 per metric ton.
Aluminum, again, may be shielded somewhat by those supply issues, but other base metals could be feeling the squeeze.
<h2 class="wp-block-heading">Gold Glimmers While Base Metals Hold Their Breath</h2>
For the metals market, Trump's second term brings headwinds and a few golden highlights. 
While base metals might see some strategic waiting time, aluminum could be one of the few to withstand the early hits. 
Gold, meanwhile, has the long game in sight, with JPMorgan's "debasement trade" fueling bullish forecasts.
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Trump Re-Election Jolts Metals Market As Gold Sees A 'Stumble, Not A Sea Change'

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: 
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<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>
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Photo: Shutterstock

KGHPF

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

General

Benzinga Market Summary: VP Harris Opposes Sale Of US Steel To Nippon Steel, Wells Fargo Downgrades Boeing, Copper Falls

The growing trend of hybrid electric vehicle (HEV) adoption is poised to reshape the landscape for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39063832/as-ev-adoption-stalls-due-to-chicken-and-the-egg-situation-hybrids-race-ahead">essential raw materials</a>.
Bill Peterson from JPMorgan outlines how this shift impacts the demand for lithium, rare earths, copper and aluminum.
For investors, this shift comes with significant implications in related ETFs such as the Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>), Amplify Lithium &amp; Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>), WisdomTree Battery Value Chain and Innovation Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBAT#NYSE">WBAT</a>) and the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>).
<h3 class="wp-block-heading">Lithium and Rare Earths: Balancing Act</h3>
The demand for lithium and rare earths is projected to decline due to lower battery electric vehicle (BEV) sales. BEVs traditionally contain a higher content of these materials. 
While HEVs and plug-in hybrid electric vehicles (PHEVs) are set to increase, their cumulative demand for lithium and rare earths won&#8217;t fully offset the drop from BEVs.
Related: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39063832/as-ev-adoption-stalls-due-to-chicken-and-the-egg-situation-hybrids-race-ahead">As EV Adoption Stalls Due To &#8216;Chicken And The Egg&#8217; Situation, Hybrids Race Ahead</a>
This nuanced demand scenario should be closely monitored by investors in Lithium Americas Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>), Piedmont Lithium Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) and MP Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>). 
These companies remain crucial due to the limited domestic supply sources in the US and the prioritization of IRA-qualified materials.
ETFs such as LIT, BATT and WBAT are also sensitive to changes in lithium and rare earth market dynamics.
Investors in these companies and related ETFs should note the strategic value and geopolitical factors at play, which could sustain their market positions despite shifting demand forecasts.
<h3 class="wp-block-heading">Copper: A Shining Opportunity</h3>
Contrary to the trend in lithium and rare earths, copper demand is expected to rise due to higher HEV and PHEV sales. 
While these vehicles use less copper per unit compared to BEVs, their increasing numbers will result in a net demand increase.
Investors in the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) should find this particularly relevant, as copper&#8217;s uplift in demand could positively influence market prices and the fund&#8217;s performance.
Aluminum demand is unlikely to see significant long-term changes. 
However, potential short-term supply and demand fluctuations could arise if hybrid vehicle trends evolve as projected. This stability is noteworthy for those considering investments in broader commodity ETFs and funds that include aluminum exposure.
<h3 class="wp-block-heading">Investor Implications</h3>
For investors in ETFs such as LIT, BATT, WBAT and CPER, the evolving hybrid vehicle market presents both challenges and opportunities. Monitoring the demand trends for these critical metals and adjusting portfolios accordingly could enhance investment strategies and returns.
As hybrid vehicles gain traction, the demand dynamics for lithium, rare earths, copper and aluminum are set to shift. Copper stands out with a positive demand outlook, while lithium and rare earths face a more complex scenario.
Strategic domestic suppliers such as Lithium Americas, Piedmont Lithium Inc and MP Materials Corp are well-positioned despite these shifts, offering potential stability for investors.
Read Next: <a href="https://www.benzinga.com/etfs/sector-etfs/24/02/37203815/ev-battery-metal-market-faces-downturn-as-prices-plummet-whats-next-for-the-industry">EV Battery Metal Market Faces Downturn As Prices Plummet: What&#8217;s Next For The Industry?</a>

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Hybrid Vehicle Adoption: Key Implications For Lithium, Rare Earths, Copper And Aluminum Investors

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Copper is trading higher, possibly amid Chinese measures to support the property sector.

Last week witnessed the largest collective loss for the &quot;Magnificent Seven&quot; technology-related stocks, with a total of $950 billion erased from their market capitalizations, as quoted on MarketWatch. This figure surpasses the previous record loss of $872 billion in January 2022.
High inflation, talks of higher-for-longer interest rates in the United States, flare-ups in geopolitical crisis and receding euphoria about AI investments weighed on risk-on trade sentiments. High-growth stocks were especially marred by a surge in interest rates.
Overall, the S&amp;P 500 lost 3.1%, the Dow Jones advanced 0.01% and the Nasdaq plummeted 5.5%, respectively. The benchmark U.S. treasury yield started the week at 4.63%, hit a closing high of 4.67% on Apr 16 and ended the week at 4.62%.
<h3>Individual Performances of Key Players of &quot;Magnificent Seven&quot;</h3>
&nbsp;&nbsp;&nbsp; Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>): Leading the decline in percentage terms, Tesla&#39;s stock slumped by 14%, reducing its market cap by $76 billion and losing its ranking among the largest U.S. companies.
&nbsp;&nbsp;&nbsp; Nvidia Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>): Experiencing the most significant absolute loss, Nvidia&#39;s market cap plunged nearly $300 billion due to a weekly stock drop of 13.6% and a historical single-day decline of 10% on Apr 19, 2024.
&nbsp;&nbsp;&nbsp; Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>): Both companies contributed significantly to the overall loss, with Apple shedding $178 billion and Microsoft $169 billion in market value.
&nbsp;&nbsp;&nbsp; Amazon.com (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>): Amazon lost $118 billion in market cap after a decline of 2.56% in its stock price.
&nbsp;&nbsp;&nbsp; Alphabet Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>): Alphabet saw a reduction of $41 billion from its market valuation.
&nbsp;&nbsp;&nbsp; Meta Platforms (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>): Meta&#39;s market cap fell by $68 billion during the week.
<h3>Semiconductor Market Crash</h3>
The semiconductor sector, particularly impacted by these losses, saw a broader &quot;unwind&quot; according to industry analysts, per a MarketWatch article. Nvidia&#39;s record losses indicate the intense pressure faced by chipmakers, suggesting the likelihood of a sustained downturn in the sector.
There was also ASML Holding&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asml#NASDAQ">ASML</a>) &mdash; a world leader in the manufacture of advanced technology systems for the semiconductor industry &mdash; announcement of a steep decline in bookings during the first quarter, catching investors off guard last week.
The news was crucial for the chip industry as ASML&#39;s key customers include TSMC, Samsung and Intel (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/intc#NASDAQ">INTC</a>), the world&#39;s top processor foundries, which, in turn, make chips for AMD (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>), Nvidia, Qualcomm and Apple, per CNBC.
<h3>Heightened Volatility in Wall Street</h3>
There was heightened volatility and uncertainty in the market due to concerns over high price inflation and potential shifts in Federal Reserve policy. There were stricter remarks from Atlanta Fed president Raphael Bostic that reinforced worries about interest rate cuts not happening until the end of the year. Bond yields rose accordingly and mortgage rates topped 7%.
<h3>Upbeat U.S. Retail Sales Data</h3>
U.S. retail sales were better than expected in March after returning to a growth trajectory in February. On Apr 15, the Department of Commerce reported that retail sales grew 0.7% month over month in March, well above the consensus estimate of 0.3%. Moreover, February&#39;s data was revised upward to an increase of 0.9% from 0.6% reported earlier.
Year over year, retail sales increased 3.6% in March. Core retail sales (excluding auto) grew 1.1% month over month in March, well above the consensus estimate of 0.5%. Moreover, February&#39;s data was revised upward to an increase of 0.6% from 0.3% reported earlier.
<h3>ETFs in Focus</h3>
Against this backdrop, below we highlight the winning ETFs of last week.
AXS Short Innovation Daily ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sark#NASDAQ">SARK</a>) &ndash; Up 10.6%
The AXS Short Innovation Daily ETF seeks daily inverse investment results and is intended to be used as a short-term trading vehicle. The fund charges 75 bps in fees.
Roundhill Daily Inverse Magnificent Seven ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/magq#NASDAQ">MAGQ</a>) &ndash; Up 8.3%
The Roundhill Daily Inverse Magnificent Seven ETF seeks daily investment results, before fees and expenses, that correspond to the inverse of the performance of the Roundhill Magnificent Seven ETF. The fund charges 95 bps in fees.
USCF Aluminum Strategy Fund (ARCA:ALUM) &ndash; Up 7.2%
The USCF Aluminium Strategy Fund seeks investment results that generally correspond over the long term to the performance of the price of aluminum. The fund charges 65 bps in fees.
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (ARCA:BCIM) &ndash; Up 6.2%
The underlying Bloomberg Industrial Metals Subindex consists of 4 commodities, which are weighted 2/3 by trading volume and 1/3 by world production with an additional criteria of global economic significance. The fund charges 40 bps in fees.
United States Copper Index Fund (ARCA:CPER) &ndash; Up 5.2%
The underlying SummerHaven Copper Index Total Return reflects the performance of the investment returns from a portfolio of copper futures contracts on the COMEX exchange. The fund charges 97 bps in fees.
<a href="https://www.zacks.com/stock/news/2258961/etf-winners-amid-last-week-s-record-loss-in-magnificent-7?cid=CS-BENZ-FT-etf_news_and_commentary-2258961">To read this article on Zacks.com click here.</a>

Federal Reserve

AAPL

ALUM

ASML

BCIM

GOOGL

INTC

MAGQ

NVDA

SARK

TSLA

ETF Winners Amid Last Week's Record Loss in "Magnificent 7"

China is no longer building fossil fuel power stations at the rate of two a week, as the world opts for <a href="https://www.benzinga.com/topic/clean-energy">greener energy options</a>.
Still, the metals needed to achieve these goals will surge again, according to Patricia Mohr, commodities expert and a former vice president at Scotiabank.
Mohr told Benzinga&#8217;s Melanie Schaffer that the green transition could see prices for certain commodities spike.
Speaking at the recent Prospectors And Developers Association of Canada (PDAC) conference in Toronto, Mohr said she was especially bullish on both copper and uranium.
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&#8220;In the mining space we think copper is going to do very well — currently trading around $4 a pound, I think in a couple of years it will move above $5 a pound, which will be quite a profitable level,&#8221; she said. &#8220;We need to see that level because we need to see investment in some new mines established around the world to meet the decarbonization goals the world now has.&#8221;
Copper is used heavily in the production of electricity — whether that be in fossil fuel-guzzling power stations or wind and solar farms. The copper is used in turbines that convert rotational energy into electric energy. In fact, more copper is used in wind and solar energy production than in traditional fossil fuel stations.
It&#8217;s akin to when China&#8217;s tiger economy was growing at double-digit percentages every year throughout the 1990s. This required expansion across power and housing. Thus, the price of copper and many other industrial metals reached record highs during the commodity super-cycle well into the early 2010s.
&#8220;With copper, there have been a lot of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37852494/copper-stocks-rally-as-market-tightness-reaches-historic-levels-analysts-see-major-">operational problems</a>,&#8221; Mohr said
These have included the shutdown of First Quantum&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FQVLF#OTC">FQVLF</a>) Cobre mine in Panama, which was ordered by the Panama government late last year after public protests over environmental concerns 
There have also been production issues with other mining groups, such as Anglo American Plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>), resulting in lower copper output forecasts for the year.
&#8220;We&#8217;re not seeing a lot of new investment — there is some expansion in capacity, but not as much as the market had expected six months ago. So the market is going to jump in the next year and a half and it will prove to be a very good investment.&#8221;
The United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), an ETF that tracks the price of copper, is up nearly 5% so far in 2024, while the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which holds the top copper mining stocks, is up 8.8%.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37852494/copper-stocks-rally-as-market-tightness-reaches-historic-levels-analysts-see-major-">Copper Stocks Rally As Market Tightness Reaches Historic Levels: Analysts See Major Scarcity By 2025</a>
<h3 class="wp-block-heading">Going Nuclear On Uranium</h3>
Global environmental targets are igniting renewed interest in the nuclear option. 
Following the Fukushima disaster in Japan in 2011, when an earthquake caused the release of nuclear contaminants from a power station into the surrounding environment, some countries decided to cut their dependence on nuclear power. 
Germany decided to go nuclear-free, but many countries, given the current supply risks of other fuels such as oil and gas, have revisited their nuclear policies.
 &#8220;We&#8217;re bullish on uranium — an energy source that emits almost no greenhouse gases. It&#8217;s a very clean energy source. Governments around the world are beginning to show interest in nuclear power once more — including in Canada&#8221; said Mohr.
Mohr explained that uranium has been on something of a run. After hitting lows around $15 a pound in 2016, the price is currently $85, having hit more than $100 in January.
&#8220;I wouldn&#8217;t be surprised to see it reach its previous peak of $140 (hit in May 2007) — I think it&#8217;s going to turn out to be a good investment.&#8221;
This week the Global X Uranium ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URA#NYSE">URA</a>), an exchange-traded fund that tracks global uranium miners, is flat in 2024.
<h3 class="wp-block-heading">Lithium Driven Lower</h3>
While lithium prices have tanked in the past year as demand for electric vehicles appears to have hit a plateau, Mohr is now becoming more bullish, given the lower entry price.
&#8220;I do think EVs are the future, but in the U.S. it&#8217;s coming on more slowly. In the U.S. they&#8217;re not concerned about the global outlook for oil because they are the biggest oil producer,&#8221; she said.
She added: &#8220;Lithium took quite a tumble last year so I think some investors will come back in to take advantage of low valuations and the price will come back slowly.&#8221;
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37824586/gas-prices-set-for-summer-spike-west-coast-consumers-already-paying-more-than-4-a-g">Gas Prices Set For Summer Spike: West Coast Consumers Already Paying More Than $4 A Gallon</a>
Image via Shutterstock

Exclusives

Interview

NGLOY

EXCLUSIVE: Green Transition Will Drive Copper, Uranium And Lithium Higher, Says Veteran Commodity Analyst

Throughout November, financial markets experienced a significant upswing, with both stocks and<a href="https://www.benzinga.com/markets"> bonds on the rise. </a>
This surge was primarily driven by investors increasing their bets on potential Federal Reserve rate cuts in the upcoming year. Inflation continues to cool and Fed policymakers lean <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">toward more dovish remarks. </a>
This optimism was reflected across various segments of the market. Let&#8217;s break down the top-performing exchange-traded funds (ETFs) across various asset classes, including country equities, U.S. equity sectors, thematic equities, bonds, and commodities. 
<h2 class="wp-block-heading">Best Country ETFs In November</h2>
<ol>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) up 31.5%: Topping the list, the ARGT ETF experienced a remarkable surge, buoyed by the electoral victory of ultra-liberalist Andrei Milei in Argentina. This political shift sparked a wave of bullish sentiment in Argentine stocks.</li>
<li>iShares MSCI Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>) up 16.6%: Israeli equities also witnessed substantial growth. This rise was supported by a stabilization in the shekel, thanks to the intervention by the Bank of Israel following the start of conflict with Hamas. </li>
<li>iShares South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) up 14.5%: South Korean stocks rallied following the financial regulator&#8217;s decision to re-impose a full ban on short-selling, providing a boost to the market.</li>
</ol>
Chart: ARGT ETF Posted Its Best-Performing Month In November
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png" alt="" class="wp-image-153399" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best U.S. Equity Sector ETFs In November</h2>
<ol>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 12.2%: The technology sector emerged as the front-runner in November. This uptrend is linked to the improved investor outlook and the anticipated decline in Federal Reserve interest rates.</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) up 11.9%: Real estate stocks also rallied in response to expectations of lower interest rates next year, which could provide a much-needed respite to a sector that has been severely hit by the elevated mortgage rates. </li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) up 10.5%: The financial sector, particularly bank stocks, showed robust gains, fueled by the prospect of increased lending activity amid borrowing costs next year.</li>
</ol>
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36029153/chilling-2024-s-p-500-outlook-why-jpmorgan-analysts-project-nightmare-scenario-for-">Chilling 2024 S&amp;P 500 Outlook: Why JPMorgan Analysts Project Nightmare Scenario For Stocks</a>
<h2 class="wp-block-heading">Best Thematic ETFs In November</h2>
<ol>
<li>ARK Innovation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NASDAQ">ARKK</a>) up 31.4%: Cathie Wood&#8217;s flagship fund, ARKK, recorded its best month since inception, driven primarily by a rally in crypto-related companies and tech startups.</li>
<li>Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>) up 22.87%: SPRX also showed significant gains, benefiting from the overall positive market sentiment towards tech stocks. </li>
<li>Amplify Thematic All-Stars ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVSP#NYSE">MVSP</a>) up 18.8%</li>
</ol>
Chart: November 2023 Was Cathie Wood&#8217;s ARKK ETF Best Performing Month Ever 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png" alt="" class="wp-image-153400" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best Fixed-Income ETFs In November</h2>
<ol>
<li>PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZROZ#NYSE">ZROZ</a>) up 14%: The decline in long-dated Treasury yields fueled a rally in the fixed-income duration. November 2023 was the strongest month for this portion of the bond market since August 2019, and the second best one since January 2015. </li>
<li>iShares 25 Year STRIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOVZ#NYSE">GOVZ</a>) up 13.3%</li>
<li>Vanguard Extended Duration Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDV#NYSE">EDV</a>) up 12.5%</li>
</ol>
<h2 class="wp-block-heading">Best Commodity ETFs In November</h2>
<ol>
<li>iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) up 10.3%: Precious metals, particularly silver, saw a sharp rally thanks to the decline in long-term Treasury yields and a weaker U.S. dollar.</li>
<li>United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) up 5.2%: Copper also saw gains, influenced by the softer dollar.</li>
<li>Teucrium Soybean Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>) up 3.5%</li>
</ol>
Read Now: <a href="https://www.benzinga.com/news/mid-cap/23/11/36008708/cathie-woods-ark-innovation-etf-achieves-35-gain-in-november-its-best-month-since-inception">Cathie Wood&#8217;s ARK Innovation ETF Achieves 35% Gain In November, Its Best Month Since Inception</a>

Broad U.S. Equity ETFs

New ETFs

Emerging Market ETFs

ARGT

ARKK

iShares MSCI Israel Capped Investable Market Index Fund

iShares 25+ Year Treasury STRIPS Bond ETF

GOVZ

MVSP

SOYB

SPRX

XLRE

PIMCO 25+ Year Zeroupon US Treasury Index Fund

ZROZ

This Month's Top-Performing ETFs: Politics, Fed Rate Cut Hopes Ignite 30%-Plus Rally In These 2 Funds

Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is one of the largest producers of gold in the world. But CEO Mark Bristow recently emphasized the importance of another metal to keep an eye on.
During an interview with CNBC, Bristow said, "My view is that copper is the most strategic metal out of all the metals."
He pointed out that batteries are a major driver for copper demand, but there's more to the story.
"Batteries is not a long-term solution for the future of a better planet for all," Bristow said. "What's really important is greening our grids, and we've started seeing that with big cable connections around Europe. And we've got to take the greener energy or renewable energy to the industrial regions. And to do that you need big cables and the only way you can transport electricity is with copper."
Bristow noted that even if all vehicles in California became battery-powered, it wouldn't be enough to save the planet.
"The way to really protect and leave a better planet for future generations is to develop the underdeveloped economy," he said.
And because of copper's critical role in development, it stands as the most strategic metal.
<h2 class="wp-block-heading">Check out:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. With as little as $100, average investors are becoming landlords thanks to this <a href="https://www.benzinga.com/real-estate/22/10/29268850/bezos-backed-startup-lets-you-become-a-landlord-with-100-dollars">Jeff Bezos-backed startup</a>.</li>
<li>Elon Musk has reportedly bought 6,000 acres of land just outside of Austin.<a href="https://www.benzinga.com/real-estate/23/05/32537165/elon-musk-is-bullish-on-austin-heres-how-to-invest-in-the-citys-growth-before-he-floods-it-with-new"> Here&#8217;s how to invest in the city&#8217;s growth</a> before he floods it with new tech workers.</li>
</ul>
<h2 class="wp-block-heading">How To Invest In Copper</h2>
Because of its strategic significance, copper presents potential opportunities for investors.
During the interview, Bristow said that the fundamentals of copper suggest "we're going to be in short supply very, very soon" and "everything points to a better copper price in the future."
If you share that view and want to invest in copper, there are several ways to go about it.
You can invest in physical copper by purchasing copper bars, coins or rounds from a metals dealer. You can invest in copper futures. Or you can buy shares of copper-mining companies such as Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and BHP Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>). Barrick Gold also produces copper.
Investors also can use exchange-traded funds (ETFs) to gain exposure to the metal. For instance, the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) is designed to be a convenient way for investors to access the returns of a portfolio of copper futures contracts.
<h2 class="wp-block-heading">Gold Is Not Forgotten</h2>
While highlighting copper's value, Bristow also touched upon gold, noting that it has always been a "go-to asset."
"Right now we have a situation in the world where there's a question mark over whether the dollar will stand up as a reserve currency into the future," he said.
Fitch Ratings recently downgraded the United States' long-term foreign-currency issuer default rating from its highest AAA rating to AA+. The credit rating agency pointed to "expected fiscal deterioration over the next three years,"&nbsp; a "high and growing general government debt burden" and an "erosion of governance" as reasons behind the decision.
After Fitch's downgrade, the price of gold rose about 0.6% on the news but has since pared those gains.
Bristow acknowledged that gold has been under pressure "because of the yields with the increase in interest rates on the back of inflation." He also pointed out that the yellow metal is "one currency politicians can't print."
Gold has served as a store of value for thousands of years. Unlike fiat money, which can be produced in unlimited quantities by central banks, precious metals have an inherent scarcity, making them a valuable hedge against inflation. While gold doesn't offer a yield, new companies have innovated ways for investors to earn passive income from inflation-resistant assets. Here's how to <a href="https://www.benzinga.com/alternative-investments/platform/arrived-homes">invest as little as $100 in a rental property</a> while staying completely hands-off.
<h2 class="wp-block-heading">Read next:</h2>
<ul>
<li><a href="https://www.benzinga.com/real-estate/23/05/32537165/elon-musk-is-bullish-on-austin-heres-how-to-invest-in-the-citys-growth-before-he-floods-it-with-new">Elon Musk Is Bullish On Austin. Here&#8217;s How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a></li>
<li><a href="https://www.benzinga.com/real-estate/23/05/32598491/closing-the-wealth-gap-investment-fund-delivers-impressive-returns-to-its-investors-and-tenants">Closing the Wealth Gap: Investment Fund Delivers Impressive Returns To Its Investors And Tenants</a></li>
</ul>

GOLD

Barrick Gold CEO Says This Is The 'Most Strategic' Metal Of Them All — And It's Not Gold

Shares of copper-related companies are trading higher amid a rise in copper prices.

Copper prices are one useful, under-the-radar indicator for investors to use as a gauge of U.S. economic health. Despite downward pressure on stock prices so far in 2022, copper prices have held up relatively well, a trend that has been reflected in the strength of underlying U.S. economic numbers.
In the past year, the SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) has generated a 16.9% total return, while the United States Copper Index Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cper#NYSE">CPER</a>) has returned 21.7%. Year-to-date in 2022, the SPY fund is down 5.8%, but the CPER fund has drifted higher by 0.5%.
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/21/09/23158609/2-copper-stocks-to-buy-right-now">2 Copper Stocks To Buy</a>
Why Copper Matters: Copper is commonly used in a number of different industries, including construction, industrial production, electronics and power generation and transmission. As a result, copper demand can be used as a gauge for economic growth, and copper prices have a high historical correlation to the world Business Confidence Indicator.
<img alt="" src="https://www.benzinga.com/files/u81483/bci_vs-global.png" style="height:404px; width:600px" />
The <a href="https://www.portfoliovisualizer.com/asset-correlations">Portfolio Visualizer</a> daily return correlation matrix suggests the SPY and CPER funds have a relatively high level of positive correlation in daily returns over the last five years. The two funds have a correlation of about 0.38.
Copper&#39;s outperformance relative to stocks prices so far in 2022 makes sense based on what dynamics are driving the sell-off in stocks. Stock prices are largely dropping over concerns about rising interest rates and Federal Reserve tightening rather than weakness in underlying U.S. economic data. In fact, the U.S. added 467,000 jobs in January, beating consensus economist estimates of 150,000 jobs.
Benzinga&#39;s Take: Copper prices are benefitting from both underlying economic demand and elevated inflation rates, which serve as a tailwind for commodity prices. However, the Federal Reserve plans to curb inflation in coming months, and rising interest rates could eventually weigh on economic growth and copper demand.

Education

Why Copper Is One Of The Best Macroeconomic Indicators

요즘 구리의 열기가 뜨겁다. 이에 따라 <a href="https://www.benzinga.com/etfs" target="_blank" rel="noopener">구리를 추적하는 ETF</a> 역시 달아오르고 있다.
블룸버그는 이 문제에 정통한 소식통을 인용해 미국이 당초 예상했던 일정보다 몇 달 전에 구리 수입에 막대한 관세를 부과할 것이라는 내러티브가 힘을 얻으면서, 트레이더들이 이에 대응했고, 구리 가격은 사상 최고치를 기록했다고 보도했다.
이 소식은 글로벌 시장에 파문을 일으키며 미국 상장 구리 ETF 가격도 사상 최고치로 끌어올리는 것과 동시에 인플레이션과 공급 부족에 대한 우려를 촉발했다.
<h3>구리 ETF의 기록 경신</h3>
구리 가격 상승으로 구리를 추종하는 ETF가 최고치를 기록했다. 2억 7천만 달러 규모의 미국 구리 지수 펀드(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>)는 수요일(26일) 한때 3% 이상 상승했고, 연간 수익률이 30%로 상승했다가 현재는 27%를 기록하고 있다. 1월에 시작하여 구리 선물 일간 수익률의 2배를 추종해 변동성이 더 큰 USCF 데일리 타겟 2X 구리 지수 ETF(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPXR#NYSE">CPXR</a>)는 연초 대비 45%라는 사상 최고치를 또다시 경신했고, 이후 소폭 하락하여 현재 37.64%의 수익률을 기록하고 있다.
구리 가격이 급등하는 동안 투자자들은 구리 ETF로 몰려들었다. etf.com에 따르면 3월 13일부터 3월 25일까지 CPER 펀드에는 1,850만 달러가 순유입되어 금속에 대한 지속적인 관심을 나타냈다. 구리 광산 ETF도 급등으로 인한 혜택을 누렸다. 주요 광업 주식을 보유한 글로벌 X 구리 광산 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>)는 구리 가격 상승과 광업주에 대한 투자자들의 선호도 개선에 힘입어 연초 이후 7.6% 상승했다.
<h3>구리 열풍의 원동력</h3>
도널드 트럼프 대통령이 미국으로 수입되는 모든 구리에 25%의 관세를 부과할 수 있다는 보도가 나오면서 구리 관세 과대광고가 주목을 받았다. 가장 중요한 광물의 자국 생산을 보호하기 위한 것으로 알려진 이 조치는 미국 공급망 다변화를 위한 대규모 노력의 일환이다. 그럼에도 불구하고 미국 국내 채굴 능력을 높이는 데 필요한 리드 타임이 길어지면서 공급 업체들이 관세 부과 이전에 미국으로 구리를 공급하기 위해 출격하면서 단기적인 영향은 가격 상승이라고 블룸버그는 <a href="https://www.bloomberg.com/news/articles/2025-03-26/trump-may-implement-copper-import-tariffs-within-weeks?sref=TBDibEcD">보도했다</a>.
뉴욕 COMEX 구리 선물은 수요일에 3.1%까지 상승하여 파운드당 5.374 달러로 사상 최고치를 기록한 후 반등했다. 벤치마크 런던금속거래소(LME) 구리 가격은 일시적으로 2.2% 하락한 톤당 9,893달러를 기록하며 두 시장 간 격차가 톤당 1,750달러 이상으로 확대되는 등 미국과 세계 가격 간의 격차가 극명하게 드러났다. 블룸버그에 따르면 이러한 차익걸래 기회로 인해 전 세계적으로 미국으로 향하는 화물의 경로를 변경하려는 움직임이 시작되었고, 주요 소비국인 중국은 공급 부족을 겪었다.
<h3>무역 전쟁, 글로벌 공급 제약</h3>
구리는 트럼프 행정부의 끊임없는 무역 전쟁의 새로운 전선이다. 이번 관세는 철강, 알루미늄 및 기타 상품에 대한 이전 관세에 이어 전 세계 공급망에 영향을 미치고 미국 제조업체의 투입 비용을 증가시킨 것으로 예상된다. 새로운 무역 장벽의 위협은 원자재 가격 상승이 소비자와 기업에게 전가될 수 있기 때문에 인플레이션에 대한 두려움을 다시 불러일으켰다.
글로브 앤 메일(The Globe And Mail)은 공급 제한도 여전히 시장을 타이트하게 유지한다고 <a href="https://www.theglobeandmail.com/investing/markets/stocks/XCG-T/pressreleases/31551635/rising-copper-prices-boost-commodity-etf-amid-tariff-fears-and-china-stimulus/">지적했다 </a>. 새로운 광산 운영 및 정제 능력에 대한 투자가 감소하면서 업계는 수요를 충족하기 위해 계속 싸우고 있다. 미국의 신규 구리 생산량이 증가하더라도 공급에 크게 기여하기까지는 몇 년이 걸릴 것이므로 당분간 가격이 높게 유지될 수 있다.
<h3>구리와 ETF의 다음 단계는?</h3>
최악의 경우 몇 주 앞으로 다가온 관세를 고려하면 구리의 상승세는 아직 유효할 수 있다. 관세가 확정되면 미국 구리 가격이 더 높은 수준으로 상승하여 글로벌 시장과의 차익거래 차이가 커질 수 있다. 플레이어들은 공급망이 어떻게 재조정되고 중국의 부양책이 수요를 계속 뒷받침할지 여부에 관심을 가질 것이다.
ETF 투자자에게는 이번 랠리가 전기화, AI 인프라, 재생에너지 전환에서 구리의 중추적인 역할을 강조하고 있다. CPER 펀드와 같은 직접적인 구리 ETF나 COPX 펀드와 같은 광업 관련 펀드 등 지정학적, 거시경제적 추세가 영향을 미치면서 구리 반등은 기회와 위협을 모두 제공한다.
사진: Jose Luis Stephens via Shutterstock
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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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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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United States Copper Index Fund ETV

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에 대한 최신 뉴스 United States Copper Index Fund ETV (ARCA:CPER)

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