🎉Copper is Having its Moment:Popular Stocks and ETFs

$Copper - main 2509(HGmain)$ Fever: Tariff Fears Stoke Fresh Record Highs—and Best YTD Rallies in Years

Copper is having its moment. Global three-month futures on the London Metal Exchange punched above US$11,000/tonne this week—levels never seen before—as investors price in two simultaneous shocks:

• a second wave of U.S. tariffs on Chinese metal goods that could further squeeze refined supply, and

• accelerating grid and EV demand that shows no sign of cooling.

The knock-on effect for copper-linked equities has been violent to the upside. From Vancouver to Shenzhen, miners, ETFs and even downstream fabricators are printing their best year-to-date gains since 2006.

1.UNITED STATES: Juniors Lead, but Freeport Still the Liquidity King

Data as of July 10th 2025

• $Taseko Mines(TGB)$ +88.66% YTD. The Vancouver junior’s Florence in-situ project in Arizona just received its final EPA water permit, de-risking 85 million lbs of annual copper output slated for 2027.
• $Freeport-McMoRan(FCX)$ +23.98%. The bellwether has become the go-to ETF proxy for copper exposure, trading an average US$1.4 billion in daily volume—more than the next four copper names combined.
• $Southern Copper Corp(SCCO)$ +14.15%. Mexico’s largest producer is spending US$1.5 billion to expand its Buenavista mine, adding 100 k tonnes of capacity by 2026.
• $Ero Copper(ERO)$ +9.50%. Despite the smallest gain, Ero’s low-cost Caraíba ops in Brazil still command 50%+ EBITDA margins at current prices.

ETFs: Leveraged Beta With One Click
• $SPROTT JUNIOR COPPER MINERS ETF(COPJ)$ +43.74%
• $United States Copper Index Fund(CPER)$ +38.31%
• $iShares Copper and Metals Mining ETF(ICOP)$ +19.47%
• $Global X Copper Miners ETF(COPX)$ +19.12%
• $Sprott Copper Miners ETF(COPP)$ +15.99%

2.HONG KONG: China Exposure, China Discount

• $CHINFMINING(01258)$ +40.95%. The cathode producer is re-rating on expectations Beijing will front-load grid capex to offset property-sector drag.
• $CDAYENONFER(00661)$ +33.33%. A pure-play on the world-class Tibet Qulong deposit—now fully permitted after a decade-long environmental review.
• $JIANGXI COPPER(00358)$ +27.50%. Asia’s largest smelter is enjoying rare “double happiness”: higher TC/RC treatment charges and surging by-product gold credits.

What Could Stop the Music?

• Policy Risk: If the White House opts for a narrower tariff list, the supply shock narrative could unwind fast.
• Macro Chill: A hard-landing scenario in China—still ~55% of global copper demand—would torpedo spot premiums regardless of U.S. policy.
• Scrap Flood: Above US$10k, Chinese secondary smelters can pay up for scrap, historically capping further upside.

Bottom Line

For now, the path of least resistance is higher. Money managers are rotating out of mega-cap tech into late-cycle real-asset plays, and copper—scarce, strategic and impossible to “print”—is the obvious beneficiary. Whether you reach for the torque of a Taseko or the liquidity of a Freeport, the trade is the same: long electrification, long supply scarcity, and—at least for now—long tariffs.

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