Mirae Asset Global Investments has launched Hong Kong’s first dedicated copper miners exchange-traded fund, giving investors access to a portfolio of global companies exposed to copper production at a time when the metal is trading near record levels.
The Global X Copper Miners ETF listed on September 15, 2026 on the Stock Exchange of Hong Kong under stock codes 3014 for Hong Kong dollar trading and 9014 for US dollar trading. It launched with an issue price of US$1 per share and a board lot of 100 shares.
Key Overview
The new ETF tracks the Solactive Copper Miners Index, offering diversified exposure to companies involved in the global copper industry instead of requiring investors to select individual miners.
Its launch coincides with an extraordinary period for copper. The metal reached fresh record prices in September as tight inventories outside the US, weak mine supply, potential trade restrictions and long-term demand from electrification and digital infrastructure supported prices.
Copper’s longer-term supply outlook also remains challenging. The latest projections indicate that expected mine production from existing and announced projects may still fall significantly short of requirements during the next decade.
How the New Copper ETF Works
The ETF seeks to provide investment returns that, before fees and expenses, closely correspond to the performance of the Solactive Copper Miners Index.
The underlying index selects up to 30 eligible securities from a global equity universe after applying liquidity requirements and ranking qualifying companies by total market capitalisation.
At launch, the fund held 28 securities, with investments spread across mining companies rather than direct holdings of physical copper. This means its performance will be influenced not only by copper prices but also by company-specific factors such as production volumes, operating costs, mine disruptions, currencies and management decisions.
The fund has an ongoing annual charge of 0.68% and uses the US dollar as its base currency, although investors can trade its listed units in either Hong Kong dollars or US dollars.
Copper Prices Push Into Record Territory
Copper has experienced substantial volatility in 2026. On January 29, benchmark three-month copper on the London Metal Exchange surged as much as 11% intraday to a then-record US$14,527.50 per metric ton, amid intense speculative buying and expectations of stronger long-term demand.
Prices subsequently moved even higher. On September 8, LME copper reached another record around US$14,700 per ton, while the rally continued over subsequent sessions and prices climbed above US$14,800 per ton as available metal outside the US remained tight.
Copper inventories have been increasingly concentrated in the United States as traders moved metal there ahead of possible import restrictions. This has tightened availability elsewhere, adding another layer of support to prices despite forecasts that overall global copper production could still show a surplus in 2026.
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Supply Risks Strengthen Copper’s Long-Term Case
Supply concerns extend well beyond short-term inventory movements. The Democratic Republic of Congo, a major copper producer, banned exports of copper concentrates in 2026 as part of efforts to promote domestic processing, although strategic exemptions can be granted.
Mining companies also face declining ore grades, higher development costs and lengthy approval and construction periods for major new projects. These constraints make rapidly expanding global copper output difficult even as demand grows.
The latest critical minerals supply projections estimate a 25% copper supply gap by 2035 under the current project pipeline. This is an improvement from the roughly 30% gap projected a year earlier as additional projects progress, particularly in the DRC and Zambia, but it still represents one of the largest projected shortfalls among major critical minerals.
AI, Power Grids and Electrification Drive Demand
Copper is essential for electricity transmission, renewable-energy systems, electric vehicles, data centres and a wide range of industrial applications because of its high electrical and thermal conductivity.
Rapid investment in artificial intelligence infrastructure is adding another source of demand. Data centres require substantial quantities of copper for power distribution, electrical equipment, cooling infrastructure and connections to expanding electricity grids.
A separate long-term copper demand assessment projects global demand rising from 28.3 million metric tons in 2025 to 42.4 million tons by 2040. It estimates that around 14 million additional metric tons of annual copper supply will ultimately be required to satisfy that increase in demand.
Without substantial new mine development, primary mined supply could peak around the beginning of the next decade before declining as mature deposits experience lower grades and existing operations age.
ETF Gives Investors Another Route Into Copper Theme
The launch expands the ways Hong Kong investors can gain exposure to one of the world’s most strategically important industrial metals.
Unlike buying physical copper or futures contracts, the ETF invests in listed mining companies. Copper miners can benefit disproportionately when metal prices rise because higher selling prices can expand operating margins, but the opposite can also occur when prices decline or costs rise.
Investors therefore face both commodity-price risk and equity-market risk. Mining companies are additionally exposed to operational disruptions, political developments, environmental requirements, currency fluctuations and the substantial capital needed to develop new projects.
For investors seeking diversified exposure rather than making individual stock selections, Hong Kong’s first dedicated copper miners ETF arrives as the copper market sits at the intersection of record prices, constrained long-term supply and rapidly expanding demand from power infrastructure, electrification and artificial intelligence.
Sources
Mirae Asset Global Investments / Global X ETFs Hong Kong / Solactive / International Energy Agency / S&P Global / Reuters / Business Recorder
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