Global X Copper Miners ETF (WIRE) $20.45

The ASX-listed Global X Miners ETF (WIRE) remains one of our preferred vehicles for broad exposure to global copper producers. MM continues to view copper as a metal of the future.

• The ETF holds 41 stocks, with its 5 largest positions currently Lundin Mining, KGHM Polska , Boliden AB, Glencore, , and Antofagasta – some definite diversification away from the ASX.
• From a regional perspective, it only has 11% exposure to Australia, with Canada providing the main holdings. It has a decent $400mn market cap, while its fees are okay at 0.65%.

We remain firm believers in the Cu story over the coming years but are conscious that the WIRE ETF has now reached our initial target area, but if Cu continues to accelerate higher the skies the proverbial limit i.e. surprises are still likely to be on the upside although the “easy” money does feel behind us.

We are now targeting the $22-4 area for the WIRE ETF over the coming weeks/months.