Chile's Centinela Mine Begins Its First-Ever Strike as Copper Concentrate Treatment Charges Hit an 18-Year Low; Global X Copper Miners ETF (03014.HK) Rises 1.75% Intraday on 12 October

NewTimeSpace News:Wind data show that Global X Copper Miners ETF (03014.HK) traded at HKD 7.55 intraday on 12 October, up 1.75%, with the RMB counter quoted at RMB 6.475; it closed at HKD 7.42 on 9 October, up 0.88%, with turnover of about HKD 437,000. As of 9 October, the fund's size stood at about USD 4.35 million, with net asset value per unit of HKD 7.5929 and 4.5 million units in issue, a discount of about 2.28% to net asset value. Listed in Hong Kong on 15 September 2026, the product has traded between HKD 7.34 and HKD 7.96 since listing and fell 1.56% over the past five trading days.

On performance, as it has been listed for less than a month the product has no year-to-date, 60-day, 120-day or 250-day figures yet (terminals show 0.00%), while over the short term it fell 1.56% in the past five sessions. Underlying copper prices and equities were firm: LME copper closed at USD 14,550 per tonne on 9 October, up 1.99% from the prior week, and SHFE copper closed at RMB 110,110 per tonne, up 0.39%; COMEX copper traded at USD 6.727 per pound on 12 October, up 0.52%; and China's electrolytic copper smelting utilisation rate in September hit its lowest for the period since 2014, with global copper mine supply remaining tight.

On the news front, the positives: Chile's Centinela mine launched its first-ever strike on 7 October after government mediation failed; the mine produced 240,400 tonnes of copper in 2025, more than 35% of Antofagasta's total output, and unions warned of possible output cuts if the standoff lasts about two weeks. Spot treatment charges for copper concentrate fell to negative USD 238 per tonne on 9 October, negative for 21 consecutive months and the lowest since September 2007, with 2026 annual benchmark charges at zero, leaving smelters without a buffer; combined with continued destocking of visible inventories (LME copper stocks of 233,000 tonnes, down 6.28% week on week), any shipment disruption can easily be amplified into a supply-disruption premium through treatment charges and spot premiums. On the macro side, US September non-farm payrolls rose by only 29,000, far below expectations, with unemployment rising to 4.2%, sharply reducing expectations of a Fed hike in October (CME shows an over 82% probability of holding rates), while the dollar and Treasury yields retreated, easing valuation pressure on non-ferrous metals. On demand, cable makers' utilisation stood at 60.19%, air-conditioner production schedules for October to December are up 1.5%, 13% and 5% year on year, and new energy and AI data-centre construction continue to support copper demand expectations; EB SECURITIES maintained a positive view on copper prices in 2026. On the downside: COMEX copper inventories rose to 786,000 tonnes and kept hitting new highs, while domestic social inventories increased 37% week on week, pointing to a split inventory structure; the timing of the US refined copper tariff remains uncertain and could shift global copper trade flows; copper prices are at historic highs, with downstream acceptance and the strength of domestic and global economic recovery still to be verified; and the product's size is only about USD 4.35 million with thin, discount trading, while its tracking index is newly compiled by Solactive and the fund is newly listed, implying relatively higher liquidity and tracking-deviation risk.

Managed by Mirae Asset Global Investments (Hong Kong) and listed in Hong Kong on 15 September 2026 with a base currency of USD and trading in HKD, the product has a total expense ratio of 0.68% and tracks the Solactive Copper Miners Index: the index covers copper mining, exploration and refining companies across developed and emerging markets worldwide, reflecting the equity performance of copper miners rather than the copper price itself. The product mainly uses a full replication strategy, investing directly in constituents at weights broadly matching the index, and may switch to representative sampling under special circumstances (with any constituent's deviation from its index weight not exceeding 3 percentage points); it may invest up to 100% of net asset value in emerging markets, up to 10% in futures for investment and hedging, and up to 10% in cash and money market funds, and may engage in securities lending of up to 50% of net asset value (about 20% expected); distributions are made annually (usually in May) at the manager's discretion and may be paid out of capital. The product suits investors bullish on a tight copper supply-demand balance, long-term demand from electrification, grid investment and AI data centres, and who can tolerate high volatility in a single metal and mining equities. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 12 October 2026)