--- title: "Weekly Recap | COPX.US -8.61%, volume-led break to 60-day low" type: "News" locale: "en" url: "https://longbridge.com/en/news/302941196.md" description: "COPX.US fell 8.61% this week to $73.09, underperforming the S&P 500 by roughly 8.14 percentage points. After opening Monday at $79.73 and touching an intraday high of $80.70, the ETF slid in a one-way move: it broke below $78 on Wednesday, dropped to $72.88 on Thursday on heavier volume, and steadied near $72.22 on Friday to close at $73.09. Weekly amplitude was 10.64%, while average daily volume of 3.37m shares ran about a third above the 60-day median." datetime: "2026-10-24T04:17:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302941196.md) - [en](https://longbridge.com/en/news/302941196.md) - [zh-HK](https://longbridge.com/zh-HK/news/302941196.md) generator: "portal-rs" --- # Weekly Recap | COPX.US -8.61%, volume-led break to 60-day low ## The Week COPX.US fell 8.61% this week to $73.09, underperforming the S&P 500 by roughly 8.14 percentage points. After opening Monday at $79.73 and touching an intraday high of $80.70, the ETF slid in a one-way move: it broke below $78 on Wednesday, dropped to $72.88 on Thursday on heavier volume, and steadied near $72.22 on Friday to close at $73.09. Weekly amplitude was 10.64%, while average daily volume of 3.37m shares ran about a third above the 60-day median. The close sits at the low end of the range — $72.22 marks the lowest level in 60 sessions, well below the 20-day moving average of $82.17. ## Sector News The copper mining tape was busy this week. Hudbay and Mitsubishi formally approved construction of the Copper World project in Arizona, targeting first production in 2029; Hudbay expects the project to lift copper output by 70%, and Mitsubishi’s cumulative investment is put at $1.02 billion. First Quantum set 2026 copper production guidance at 405,000 to 475,000 tonnes, while advancing expansions in Zambia and Argentina. Southern Copper posted record Q3 earnings — net income up 63% year on year to $1.8 billion on net sales up 39% — though mined copper output softened and the stock weakened after the release. Teck received a strike notice at Highland Valley Copper, and Freeport-McMoRan underperformed peers on both Tuesday and Thursday. Net, the sector mixed project approvals and record profits against strike risk and softer production. ## The Week Ahead Macro data dominate next week. Tuesday brings durable goods orders (consensus 1.5), ex-transport orders, new home sales, consumer confidence and the Case Shiller home price index; Monday has the Dallas Fed manufacturing survey. These releases offer fresh marginal reads on copper demand expectations, with durable goods and housing-related indicators most relevant for industrial metals. Ongoing threads from this week — the Highland Valley strike, Southern Copper’s output decline versus its growth pipeline, and First Quantum’s Argentina tax-break application — could also see follow-up news. ## In Short The week’s move carried a clear tension. On fundamentals, the sector logged a project approval, Hudbay’s growth outlook and record Southern Copper profits; yet COPX.US fell 8.61%, broke to a 60-session low on rising volume, and the latest session’s money flow showed large-lot selling. The gap between earnings strength and price weakness suggests the market is pricing more than near-term profits — it is also digesting supply disruptions and uncertain demand. What to watch next: whether macro data stabilise industrial-metal demand expectations, and how the strike and expansion storylines evolve. *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 - [ROI-Boosting Western supply of refined critical metals means de-risking investment. But how?: Russell](https://longbridge.com/en/news/303398812.md) - [Hubbell: 3 key takeaways for long-term investors](https://longbridge.com/en/news/304775832.md) - [Is Corning (GLW) Undervalued After Strong Earnings And Higher Guidance?](https://longbridge.com/en/news/304790245.md) - [Coca-Cola Stock Keeps Setting Records. I'm Still Not Buying It.](https://longbridge.com/en/news/304831218.md) - [Trade Desk Stock Is 90% Below Its High. Can Earnings Turn the Tide?](https://longbridge.com/en/news/304769650.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**