Motley Fool contributor Matthew Benjamin favors the Global X Copper Miners ETF (COPX), citing AI data-center and other technology demand alongside a dwindling pipeline of new copper deposits. Copper rose 48% over the past year to about $6.89 a pound, a record, in early September.
According to S&P Global, 263 major copper deposits were discovered from 1990 to 2025, most in the 1990s; the article says discoveries fell to one a year from 2021 through 2024 and none in 2025. New deposits take an average of 17.5 years to reach production, partly because permitting is prolonged and complex and newer deposits are deeper to develop. A traditional data center uses 5,000–15,000 tons of copper, while an AI center can require up to 50,000 tons, the article says.
The ETF holds about 44 copper-mining stocks, with no holding above 6%, and had about $8.4 billion in net assets. The article reports gains of about 24% year to date and 64% over the past year. Benjamin says copper and COPX could give back some recent gains if enthusiasm for AI-related stocks wanes; he disclosed that he holds COPX.
