Global X Copper Miners ETF (ASX:WIRE) $24.25

ASX Copper (Cu) stocks surged on Wednesday with Sandfire (ASX:SFR) and Capstone Copper (ASX:CSC) both ending the session up by more than 9%. The Wire ETF followed suit closing up ~8% as copper futures popped over 3% on the hopes that any war led global economic slowdown wont be as bad as previously feared. We’ve been long and bullish the Cu thematic for several years, believing that global electrification remains in its early stages. Moving forward we expect to be long, or very long Cu, dialling exposure up or down depending on prevailing sentiment and levels of market euphoria.

• No change, we are initially targeting the $30 area for the WIRE ETF over the coming year(s).