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Copper ETF (COPJ) Hits New 52-Week High
Sprott Junior Copper Miners ETF (COPJ - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 139.15% from its 52-week low price of $16.22/share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
COPJ in Focus
The underlying Nasdaq Sprott Junior Copper Miners Index seeks to track the performance of mid-, small and micro-cap companies in copper-mining-related businesses. The product charges 76 bps in annual fees (see: all Materials ETFs).
Why the Move?
Copper has been an area to watch lately, given the surge in the price of the metal, driven by a weakening U.S. dollar, rising global supply disruptions and growing optimism that U.S. rate cuts willalso brighten the prospects for the red metal.
More Gains Ahead?
COPJ might continue its strong performance in the near term, with a positive weighted alpha of 104.85 (as per Barchart.com), which gives cues of a further rally.