COPA
Themes Copper Miners ETF
stockBATSETF

Small miners get you interest rate and geoeconomic risk (labor/regulatory undercutting by LatAm, DRC, China) not to mention whatever Trump feels like doing tomorrow, or other countries in retaliation, whereas the big producers are LT priced in as you say. Why not a futures ETF like COPA.L? On a LT basis, copper is running into some upside limitations from substitutability by aluminum in some less exciting but substantial uses - and there's a huge wave of recyclable AL scrap that's about to come out of China (EOL on appliances/infra). Even with Hormuz and sulfuric acid artificially pumping AL, the 3.8 CU-AL ratio is grinding up against historical substitutability limits. We're also well above 99% on the cost curve right now.