---
title: "Weekly Recap | COPX.US -0.63%, fading after a push near record highs"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/300178663.md"
description: "COPX.US gave back 0.63% this week, closing at $86.73 versus $87.28 the prior Friday. The S&P 500 gained 1.21%, leaving the copper-miner ETF about 1.84 percentage points behind. The pattern was a fade after an early spike: Monday opened at $87.94, Tuesday hit the week high of $90.39 and closed at $89.98, then Wednesday and Thursday pulled back as low as $85.20, with a small Friday bounce to $86.73. Weekly amplitude was 5.9% and volume sat below the recent median."
datetime: "2026-09-26T04:17:15.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/300178663.md)
  - [en](https://longbridge.com/en/news/300178663.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/300178663.md)
generator: "portal-rs"
---

# Weekly Recap | COPX.US -0.63%, fading after a push near record highs

## The Week

COPX.US gave back 0.63% this week, closing at $86.73 versus $87.28 the prior Friday. The S&P 500 gained 1.21%, leaving the copper-miner ETF about 1.84 percentage points behind. The pattern was a fade after an early spike: Monday opened at $87.94, Tuesday hit the week high of $90.39 and closed at $89.98, then Wednesday and Thursday pulled back as low as $85.20, with a small Friday bounce to $86.73. Weekly amplitude was 5.9% and volume sat below the recent median.

## Sector News

Copper-mining news flow was busy. Tight physical supply in China pushed copper prices higher and lifted related names, while uncertainty over US copper import tariffs kept sentiment in check. Freeport-McMoRan appeared repeatedly, tied to a shareholder investigation, a quarterly dividend, and debate around output expansion. Southern Copper rose 3.42% on 22 September, then opened 3.26% lower the next day. Peru moved to streamline copper project approvals, with Chinese and US firms positioning for that. On ratings, UBS maintained a buy on Hudbay Minerals, Morgan Stanley reaffirmed buy on BHP Group, and First Quantum Minerals picked up a new buy rating.

## The Week Ahead

The calendar starts with the Dallas Fed manufacturing activity index on 28 September, prior 11.6. On 29 September, several US releases land: FHFA house prices, Case Shiller 20-city home prices, JOLTS job openings and consumer confidence. JOLTS prior is 7.271 million against a 7.24 million forecast, and consumer confidence prior is 89.4 versus a 90 forecast. These could shift the copper-dollar relationship. Also worth tracking: the insider moves at Southern Copper and any follow-through on the tariff debate.

## In Short

COPX.US ended mildly lower while the S&P 500 climbed, so the copper-mining complex is still consolidating. On one side, broker ratings lean buy, spot supply is tight, and Peru’s faster approvals offer an upside thread. On the other, Southern Copper insider selling, a Freeport investigation, and tariff uncertainty add drag. The latest day’s flow shows large lots buying and smaller lots selling, so money is split. The next question is whether copper holds its move, whether US macro data strengthens the manufacturing picture, and whether tariffs become clearer.

*This article is generated by LongbridgeAI from market data, for information only and not investment advice.*

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**