--- title: "Weekly Recap | COPX.US -2.35%, spike and fade" type: "News" locale: "en" url: "https://longbridge.com/en/news/298784365.md" description: "COPX.US fell 2.35% this week to close at $88.53, while the S&P 500 lost 0.8%, leaving the fund about 1.55 percentage points behind. Weekly amplitude was 9.07%, and average daily volume ran around 38.65% above the 60-day median. The week was a spike-and-fade: the fund opened Tuesday at $93.86 and climbed into Wednesday, touching a weekly high of $96.50 before closing at $95.27. Thursday gapped down to $89.66, and Friday printed a weekly low of $87.99 before settling at $88.53." datetime: "2026-09-12T04:18:41.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/298784365.md) - [en](https://longbridge.com/en/news/298784365.md) - [zh-HK](https://longbridge.com/zh-HK/news/298784365.md) generator: "portal-rs" --- # Weekly Recap | COPX.US -2.35%, spike and fade ## The Week COPX.US fell 2.35% this week to close at $88.53, while the S&P 500 lost 0.8%, leaving the fund about 1.55 percentage points behind. Weekly amplitude was 9.07%, and average daily volume ran around 38.65% above the 60-day median. The week was a spike-and-fade: the fund opened Tuesday at $93.86 and climbed into Wednesday, touching a weekly high of $96.50 before closing at $95.27. Thursday gapped down to $89.66, and Friday printed a weekly low of $87.99 before settling at $88.53. The price still sits in the upper half of its 60-day range of $71.05 to $97.59, but it has slipped below the 20-day moving average of $91.468. ## Sector News Copper miners swung around two competing narratives this week. Early in the week, LME copper prices hit record highs, with AI-driven demand for power infrastructure repeatedly cited as the demand-side story. Southern Copper, Freeport-McMoRan and Hudbay all traded higher early on, and First Quantum guided 2026 copper output to a range of 405,000 to 475,000 tonnes. On Thursday, the mood flipped after reports that the White House was hesitating on its tariff plan. Copper miners sold off broadly: Southern Copper dropped 6.93% on 10 September, Teck Resources fell 7.24%, Freeport-McMoRan lost 7.21%, and Hudbay slid 7.70%. The same period saw commentary around a roughly $400 billion funding gap in copper and rising costs in mining M&A. ## The Week Ahead Next week brings a batch of US macro data. The New York Fed manufacturing index lands on Tuesday, 15 September, with a prior reading of 20.6 and a consensus estimate of 14.75. Wednesday, 16 September, is the heavier day: retail sales (prior -0.6, estimate 0.9), retail sales ex-autos (prior -0.3, estimate 0.6), retail control (prior -0.4, estimate 0.4), the NAHB housing market index (prior 35, estimate 34) and EIA weekly crude inventories. Copper and industrial metals remain sensitive to tariff headlines, so any further clarity on the White House tariff plan could keep copper miners volatile. ## In Short Copper miners started the week riding record copper prices, then gave back those gains as tariff uncertainty took over. COPX.US ended lower and lagged the broader market. The sector still carries a long-term copper demand story tied to AI, but it now sits alongside near-term policy risk. On the latest trading day, large-lot money showed a net-selling direction while smaller-lot flows pointed the other way. The price remains in the upper half of its 60-day range but has lost the 20-day moving average. What comes next depends on tariff clarity and whether next week’s US retail and manufacturing data offer fresh signals on demand. *This article is generated by LongbridgeAI from market data, for information only and not investment advice.* ### Related Stocks - [COPX.US](https://longbridge.com/en/quote/COPX.US.md) ## Related News & Research - [Forget software: The COPX ETF is the pick-and-shovel AI trade hiding in plain sight](https://longbridge.com/en/news/291838572.md) - [Freeport Indonesia pushes back Grasberg copper restart by a year](https://longbridge.com/en/news/285663894.md) - [Tesla-SpaceX Merger Stands at 80%-90% Chance, Dan Ives' $500 Price Tag Explains Why](https://longbridge.com/en/news/303112286.md) - [Oracle Expands AI Software Offerings Ahead of Investor Day](https://longbridge.com/en/news/303115104.md) - [Alphabet Has $514 Billion in Cloud Orders. Here’s What Matters More Than That Number on Oct. 28.](https://longbridge.com/en/news/303058851.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**