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The Global X Copper Miners ETF (COPX US)

$US39.75
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What does Bull and Bear mean?

Market Matters View Point?

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Market Matters
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MM remains bullish equities targeting fresh highs

OPINION

First Up

Equity markets are often referred to as weighing machine since a famous investor from Omaha, Nebraska coined the phrase almost 50-years ago way back during the awful bear market of 1973-74. In our opinion the current market uncertainty and sector rotation is being caused by investors continually re-evaluating whether the strong post COVID economic...

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OZ Minerals (OZL) $23.80

Following coppers strong advance on Wednesday night OZL embraced the bullish lead rallying 3.6% yesterday, the stocks slowly starting to lag the underlying industrial metal but if we are correct and $US500/lb is looming into Christmas a pop by this quality operator towards $28 still feels a strong possibility.

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Copper Futures ($US/lb)

A small dip in US bond yields and the $US led to an explosive night for the likes of copper and gold with the former rallying over 4%, the Australian Resources Sector should enjoy a strong session today. MM is still looking for another 10% upside from copper over the coming weeks / months implying the $US is poised for a more prolonged dip.

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Copper ($US/lb)

The copper priced corrected almost 20% from its May high dragging the Australian related names lower in sympathy e.g. OZ Minerals (OZL) corrected a whopping 26%! We are bullish copper from current levels with a test of the psychological $US500/lb area our preferred scenario hence our target for OZL is fresh highs around $28 where we would in all...

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Global Macro ETF Portfolio

MM’s Global Macro ETF Portfolio slipped -0.47% last week, if it hadn’t been for a sharp dip by Asian tech names things would have looked far better. The portfolio was positive in September up +0.22% while FY22 to date it is marginally lower by -1.19%.

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Global Macro ETF Portfolio

MM’s Global Macro ETF Portfolio rallied 1.27% last week as our skew towards Energy and rising bond yields paid dividends. Overall we still like the portfolio mix but there are a couple of areas we may tweak and / or spend our 10% cash holding:

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Copper ($US/lb)

Elsewhere economic bellwether copper has found clear support after correcting over 19% from its May high. We are still targeting a test of $US500/lb into Christmas and by association fresh recent highs by the related names such as OZ Minerals (OZL) where we recently increased our position. We should be mindful that things are happening in a hurry at present, prices could easily top out and then fail before Christmas.

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Copper $US413/lb

Commodities were lower overnight however again there was a lack of conviction to the move, it felt more orderly than panic driven implying to MM that we shouldn’t be shaken out of our bullish stance towards commodities in our Flagship Growth Portfolio. For copper, a test of $US400/lb now seems likely which would translate into a move in our preferred...

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Copper Futures ($US/lb)

The combination of a strong $US and China concerns sent copper prices down 4.5% last week, not a huge move in the scheme of recent volatility. MM has a similar view towards this industrial metal as we have towards the $US:

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Chart of the Week

Copper is a fascinating commodity / industrial metal because it not only largely dictates the price of its producers such as OZ Minerals (OZL) but also because it is used by many as a leading indicator of global economic strength. The strong recovery over the last few weeks implies to MM that the economy and subsequently bond yields is poised for another leg up.

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ACTION

COPX US
UPDATED 18/10/2021 17:26
MM remains bullish equities targeting fresh highs
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COPX US
UPDATED 14/10/2021 17:16
MM is bullish copper targeting a test of $US500/lb
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COPX US
UPDATED 30/09/2021 07:26
MM is looking to buy the ACDC ETF and switch part of our MNRS position into the COPX
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COPX US
UPDATED 27/09/2021 10:01
MM remains bullish copper & resources into 2022
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COPX US
UPDATED 23/09/2021 08:14
MM remains bullish Copper into this pullback
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COPX US
UPDATED 20/09/2021 16:59
MM remains bullish copper medium term
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COPX US
UPDATED 14/09/2021 09:19
MM’s is bullish copper into 2022
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COPX US
UPDATED 31/08/2021 09:22
MM remains bullish the Resources Sector
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COPX US
UPDATED 19/08/2021 09:14
MM remains bullish commodities & reflation into 2022
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COPX US
UPDATED 09/08/2021 16:59
MM remains a keen buyer of copper exposure ~8-10% lower
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ETF that provides exposure to global Copper mining companies

The Global X Copper Miners ETF (COPX) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Copper Miners Total Return Index. COPX is a targeted play on copper mining.

The ETF is listed on the New York Stock Exchange (NYSE) under code COPX US

For more information – Click here to go to the ETF information page

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Copper Futures ($US/lb)
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OZ Minerals (OZL) v Copper ($US/lb)
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Copper Futures ($US/lb)
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Copper Futures ($US/lb)
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Global X Copper Miners (COPX US)
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Copper ($US/lb)
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Copper Futures
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Copper Futures ($US/lb)
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Copper Futures ($US/lb)
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Copper Futures ($US/lb)
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Copper ($US/lb)
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Copper March’22 Futures ($US/lb)
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Copper ($US/lb)
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Copper ($US/lb) v US 10-year Bond Yield
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US Global Copper ETF (COPX US)
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Copper ($US/lb)
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US Global Copper ETF (COPX US)
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Copper ($US/lb)
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Copper ($US/lb) v OZ Minerals (OZL)
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Copper ($US/lb)
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Copper ($US/lb)
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Copper ($US/lb)
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Copper $US/lb
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Copper ($US/lb)
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Copper ($US/lb)
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Copper ($US/lb)
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Copper ($US/lb)
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Copper ($US/lb)
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Copper Futures
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Copper Futures ($US/lb)
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Copper March 21 Futures ($US/lb)
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Global X Copper Miners ETF (COPX US)
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Global X Copper Miners ETF (COPX US)
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Copper March 21 Futures ($US/lb)
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Copper March ’21 Futures ($US/lb)
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Copper March 21 Futures ($US/lb)
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Copper March 2021 futures ($US/lb)
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Global X Copper (COPX US) ETF
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Global X Copper (COPX US) ETF
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The Global X Copper Miners ETF (COPX)
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