Investors seeking momentum may have Global X Copper Miners ETF (COPX Quick QuoteCOPX - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of COPX are up approximately 163.8% from their 52-week low of $9.62/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

COPX in Focus

The underlying Solactive Global Copper Miners Total Return Index is designed to reflect the performance of the copper mining industry. It is comprised of selected companies globally that are actively engaged in some aspect of the copper mining industry, such as copper mining, refining, or exploration. Canada (34.9%), United States (11.6%) and Britain (11.3%) take the next three spots. It charges 65 bps in fees.

Why the move?

Copper prices jumped to the highest level since 2014 on vaccine hopes as the industrial metal is directly related to global economic activity. In any case, the metal price has been in a fine fettle as China – one of huge consumers of copper – has been recovering steadily from the virus crisis.  Supply concern has also been driving the metal up as two largest producers – Peru and Chile – have been facing political upheaval.

More Gains Ahead?

The fund has a positive weighted alpha of 58.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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