(Bloomberg) — A once-sleepy copper fund is defying the stock market’s miserable month as investors bet the base metal will be a big winner amid the shift to renewables and a potential boom in electric vehicles.
The Global X Copper Miners ETF (ticker COPX) saw a record $196.1 million inflow during Tuesday’s broader selloff on inflation concerns, increasing the fund’s assets 13% to an all-time high of $1.68 billion.
That brings net inflows for the fund — which tracks copper mining equities rather than being physically-backed by the metal itself — to $1.48 billion for the year, up from less than $100 million in 2020.
Copper is labeled a “green metal” due to the low levels of carbon emissions related to its mining, transport, purification and disposal, driving up orders as the push for decarbonization grows stronger.
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