Copper’s Lift for the SPDR Natural Resources ETF in a Mixed Commodities Arena

As of mid-February 2026, the global raw materials complex presents a split landscape. Structural drivers continue to support industrial metals and gold, while the energy sector faces an oversupply early in the year. For investors in the SPDR S&P Global Natural Resources ETF, this translates into nuanced prospects across mining, energy, and agriculture exposures.

The industrial metals market is currently buoyed by robust demand tied to grid expansion and the infrastructure needs of AI data centers. Copper, in particular, is characterized by a tight supply situation alongside low inventories. Gold, meanwhile, remains sought after due to geopolitical risk and sustained central-bank demand, aided by a softer U.S. dollar.

In contrast, the oil market is under short-term pressure from a supply glut. In Q1 2026, price dynamics have been subdued. Market observers anticipate that production limits within OPEC and the U.S. shale sector could constrain supply as the year unfolds. The question remains whether bottlenecks in industrial metals can offset the weakness seen in the oil complex.

Key drivers for the ETF:
* Copper: Surging demand from AI infrastructure collides with limited supply.
* Gold: Supportive from geopolitical uncertainty and monetary policy dynamics.
* Energy: Short-term oversupply in oil, with potential recovery if production caps take effect.
* Costs: The fund’s total expense ratio (TER) is 0.40%.

Should investors sell immediately? Or is it worth buying SPDR® S&P Global Natural Resources ETF?

Drivers of the ETF’s Performance

Looking ahead, several milestones and trends are likely to shape the ETF’s trajectory. The underlying S&P Global Natural Resources Index is slated for its annual rebalancing in August. This shift will recalibrate the weightings of constituent companies and sectors within the ETF to reflect current market capitalization and the index methodology.

Beyond that, global trends in industrial production directly influence commodity demand. Attention is focused on decentralized energy infrastructure needed to run power-intensive AI data centers, which could elevate demand for natural gas and materials employed in renewable energy solutions.

The August index rebalancing is expected to be a major determinant of future sector weights. In the interim, trends in worldwide industrial output and the substantial energy appetite of AI data centers set the direction for commodity demand. Additionally, evolving monetary policies and trade decisions by central banks and governments are likely to add to sector volatility.