Global X ETFs, a provider of ETFs, has launch of the Global X Copper Miners UCITS ETF (COPX) on London Stock Exchange and Deutsche Börse Xetra.

The fund will be Global X’s first commodity-focused UCITS ETF to launch in Europe.

Copper is seen by many as a leading barometer for global economic health. By February 2021, as the world began to emerge from the Covid-19 pandemic and economies started to reopen, copper had risen above $4 per pound, nearly doubling its March 2020 lows.

With the reopening economy fully underway, copper prices have held steady throughout 2021. Optimism around copper stems from several factors. Firstly, inflation has increased copper prices as the metal is historically one of the best performing assets during inflationary periods. Secondly, structural demand drivers such as accelerating electric vehicle adoption, clean energy and major global infrastructure spending are powering the copper market.

“Copper is useful for a wide range of applications including construction, industrial machinery, transportation, electric generation, and electronics. 2021 has proven to be a transformational year for copper, and we have a strong long-term outlook for copper demand driven by trends poised to disrupt the global economy,” said Morgane Delledonne, director of research for the firm in Europe. “Leveraging our expertise in commodities ETFs in the U.S. market, Global X is thrilled to provide European investors a targeted play on copper mining stocks with COPX.”

With a management fee of 65 basis points, COPX provides investors access to a broad range of copper mining companies around the world. The fund tracks the Solactive Global Copper Miners v2 index and will join Global X’s existing lineup of 12 UCITS ETFs in the European market.