UPDATE 1-Sprott Asset Management launches copper miners ETF
(Adds details)
March 6 (Reuters) - Sprott Asset Management has launched a Copper Miners exchange-traded fund (ETF), with Freeport-McMoRan, Antofagasta and Southern Copper Corp as its top holdings by weight, it said on Wednesday.
The fund is the most recent addition to its suite of critical materials-focused ETFs - baskets of securities that can be bought and sold like individual stocks.
It is its second copper mining fund, joining the Sprott Junior Copper Miners ETF (COPJ) launched in February 2023.
"The Sprott Copper Miners ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Nasdaq Sprott Copper Miners," the company said in a release.
Copper prices are little changed overall this year, held in check by concerns over the property sector in major consumer China.
Helped by a weaker dollar and declining exchange stockpiles, three-month copper on the London Metal Exchange (LME) was up 1% at $8,574 per metric ton by the European midafternoon on Wednesday. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Jan Harvey)
