Mirae Asset Launches Hong Kong's First Copper ETF

Mirae Asset Global Investments launched Hong Kong's first copper mining exchange-traded fund on Tuesday (September 15).

The Global X Copper Miners ETF began trading on the Stock Exchange of Hong Kong under the stock codes 3014 and 9014. The fund debuted at an issue price of US$1 per share with a board lot size of 100 shares.

It tracks the Solactive Copper Miners Index, selecting up to 30 eligible companies from the Solactive GBS Global Markets All Cap USD Index based on total market capitalization.

“Global X has long been at the forefront of commodity-linked investment solutions,” Mirae Co-CEO and CIO Dennis Fok said in a statement. “We are delighted to bring this expertise to Hong Kong with the launch of the first copper-focused ETF trading in HKEX, which offers investors diversified access to the companies at the heart of global copper supply and marks a further extension of our commodity-linked product line-up.”

Copper has recently enjoyed historic price surges, setting a new all-time high in early September while trading near US$6 per pound.

Price momentum accelerated early in the year when LME copper jumped 11 percent during intraday trading on January 29 amid Chinese speculative buying.

Subsequent supply shocks pushed prices higher, including a May shortage of refining-grade sulfuric acid caused by the closure of the Strait of Hormuz during the US-Iran conflict, followed by an August export ban on copper concentrate enacted by the Democratic Republic of Congo.

On September 8, Shanghai Futures Exchange prices reached a record 111,710 yuan per metric ton, equivalent to over US$16,600.

Physical stockpiles have also shifted rapidly as traders accumulate metal ahead of incoming trade restrictions. Furthermore, global mining supply remains constrained by aging high-grade deposits, prolonged lead times for greenfield discoveries, and major mine disruptions.

The International Energy Agency (IEA) also projects a 30 percent supply shortfall against anticipated demand by 2035.

Meanwhile, S&P Global estimates the world will require an additional 14 million metric tons of copper annually to meet demand compared to 2025 production levels of 27 million metric tons, with global supply expected to peak in 2030 without significant project expansion.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.