Copper has reached historic highs, driven by surging demand from data centers and electrical grids supporting AI expansion. Mining group BHP reported record profits of $18 billion from copper in the year ending June, up 48%, surpassing iron ore earnings for the first time. The benchmark three-month contract trades around $14,400 per ton, near its all-time high of $14,527.50 set in January, with a near 50% gain over the past year. U.S. tariffs, including a potential 15% duty on refined copper in 2027 rising to 30% in 2028, have prompted importers to build preemptive inventories, intensifying global supply strain. Two products enable exposure to this trend: the WisdomTree Copper and the Global X Copper Miners UCITS ETF.
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