Copper miners ETF gains 84% amid record copper prices and supply shortages.

The Sprott Copper Miners ETF returned 84% in one year, driven by record copper prices exceeding $13,000 per metric ton and ongoing structural supply deficits. Freeport-McMoRan, holding 28% of the fund, is a major factor in its performance and risk profile, making it a focused copper investment compared to more diversified peers. Demand for copper is rising due to AI data centers, electrification, and grid upgrades, but a 17-year bottleneck in mine development is expected to cause a 28 million metric ton supply gap by 2050, highlighting long-term supply challenges.