Copper is one of the most critical industrial metals in the global economy, widely used in power transmission, electric vehicles, renewable energy infrastructure, construction, electronics, and manufacturing. With the global push towards electrification, decarbonisation, and infrastructure expansion, copper demand has gained strong long-term traction. As a result, investors increasingly look for exchange-traded funds (ETFs) that provide exposure to copper prices or copper-linked businesses.
However, Indian investors face a unique challenge: as of 2026, there is no pure copper ETF listed on Indian stock exchanges such as the NSE or BSE. Unlike gold and silver ETFs, base metal ETFs are yet to gain regulatory and market traction in India. Nevertheless, Indian investors can still access copper exposure through international ETFs, copper mining ETFs, and domestic metal sector ETFs that include copper producers.
This article provides a detailed, well-researched overview of the top ten copper ETFs and copper-linked ETF options available to Indian investors.
Understanding Copper ETFs in the Indian Context
Since no India-listed copper ETF currently exists, copper exposure for Indian investors broadly falls into three categories. The first is global commodity ETFs that track copper futures or copper price indices. The second category includes global mining equity ETFs that invest in companies primarily engaged in copper mining and production. The third category consists of Indian metal sector ETFs, which offer indirect exposure through listed Indian metal and mining companies, including copper producers.
Access to global ETFs is available through international investing platforms offered by Indian brokerages under the Liberalised Remittance Scheme, while domestic metal ETFs can be purchased directly on Indian exchanges.
- Global X Copper Miners ETF (Ticker: COPX)
The Global X Copper Miners ETF is one of the most widely recognised copper-focused ETFs globally. It tracks the Solactive Global Copper Miners Total Return Index and invests in leading copper mining companies across the world. Major holdings typically include firms such as Freeport-McMoRan, Southern Copper, and Lundin Mining.
This ETF offers leveraged exposure to copper price movements because mining company profits often rise faster than the underlying commodity during upcycles. However, it also carries equity market risks, including operational, regulatory, and geopolitical risks affecting mining companies.
- United States Copper Index Fund (Ticker: CPER)
The United States Copper Index Fund provides futures-based exposure to copper prices by tracking the SummerHaven Copper Index Total Return. Unlike mining ETFs, CPER attempts to closely follow copper price movements through copper futures contracts.
This structure makes CPER more suitable for investors seeking direct commodity price exposure rather than equity performance. However, futures-based ETFs are subject to roll costs, contango, and higher volatility, which may cause deviations from spot copper prices over time.
- iShares Copper and Metals Mining ETF (Ticker: ICOP)
The iShares Copper and Metals Mining ETF focuses on global mining companies with significant exposure to copper and other base metals. It provides broader diversification compared to pure copper miner ETFs while maintaining a strong copper bias.
This ETF is suitable for investors who want copper exposure along with diversification across metals such as aluminium, zinc, and nickel, reducing concentration risk but also diluting pure copper sensitivity.
- iPath Bloomberg Copper Subindex ETN (Ticker: JJC)
The iPath Bloomberg Copper Subindex ETN is an exchange-traded note that tracks copper futures prices. As an ETN, it is a debt instrument issued by a financial institution rather than a traditional ETF holding assets.
While JJC offers relatively direct exposure to copper price movements, it carries issuer credit risk. Investors should understand that ETNs depend on the financial health of the issuing institution, making them structurally different from ETFs.
- Sprott Physical Copper Trust (Ticker: COP.U / SPHCF)
The Sprott Physical Copper Trust is a unique investment vehicle that holds physical copper rather than futures or mining stocks. This structure aims to closely reflect actual copper market dynamics and supply constraints.
Physical commodity trusts may trade at a premium or discount to net asset value and often have higher expense ratios due to storage and insurance costs. Nevertheless, they offer one of the most direct forms of copper exposure available in public markets.
- Sprott Copper Miners ETF (Ticker: COPP)
The Sprott Copper Miners ETF focuses exclusively on companies primarily engaged in copper mining. It includes large, mid-cap, and smaller copper producers, providing exposure across the mining value chain.
This ETF can generate higher returns during strong copper cycles but may exhibit higher volatility due to smaller-cap exposure and limited liquidity compared to larger global ETFs.
- Global X Copper Miners UCITS ETF (European Listing)
The Global X Copper Miners UCITS ETF is the European-listed equivalent of the COPX ETF, structured under UCITS regulations. It offers an alternative route for investors who prefer European exchanges or face restrictions in accessing US markets.
While the underlying exposure is similar to COPX, expense ratios, taxation, and liquidity characteristics may differ slightly depending on the listing exchange.
- ICICI Prudential Nifty Metal ETF
The ICICI Prudential Nifty Metal ETF is a domestic Indian ETF that tracks the Nifty Metal Index. Although it is not a copper-specific ETF, it includes Indian metal and mining companies, including Hindustan Copper.
This ETF provides indirect copper exposure within a broader metal sector allocation and is suitable for investors seeking rupee-denominated investments without international remittance or currency risks.
- Mirae Asset Nifty Metal ETF
The Mirae Asset Nifty Metal ETF also tracks the Nifty Metal Index and offers similar exposure to Indian metal companies. Its portfolio includes steel, aluminium, and copper producers, making it a broad metal sector investment rather than a pure copper play.
This ETF is accessible via SIPs and standard Indian brokerage accounts, making it suitable for retail investors seeking simplicity and domestic exposure.
- iShares MSCI Global Metals and Mining Producers ETF (Ticker: PICK)
The iShares MSCI Global Metals and Mining Producers ETF invests in large global mining companies involved in multiple metals, including copper. While copper is not the sole focus, many of the world’s largest copper producers form part of its portfolio.
This ETF is appropriate for investors seeking diversified global mining exposure with copper as a significant but not exclusive component.
Key Drivers of Copper ETF Performance
Copper ETF performance is influenced by global infrastructure spending, electric vehicle adoption, renewable energy expansion, supply disruptions, and geopolitical developments in major copper-producing countries. Long-term demand growth driven by electrification and energy transition continues to support the strategic importance of copper.
Conclusion
Although India does not yet have a dedicated copper ETF listed on domestic exchanges, Indian investors have multiple avenues to gain copper exposure through global copper ETFs, copper mining equity ETFs, and domestic metal sector ETFs. Each option carries a distinct risk-return profile, influenced by factors such as equity market volatility, commodity cycles, currency movements, and regulatory considerations.
Investors should carefully evaluate their investment horizon, risk appetite, and portfolio diversification goals before selecting the most appropriate copper-linked ETF strategy.
