Record skid leaves copper miners at a crossroads
COPX•Copper fell to a nearly four-month low and was headed for a fifth straight weekly decline, while the Global X Copper Miners ETF was on track for a record 12th consecutive weekly loss. COPX closed Thursday at $71.01 and would extend the streak if it finished Friday below $71.25.
1. Copper and miners slide
Copper tumbled to its lowest level in nearly four months on Friday and was headed for a fifth straight weekly decline as investors grew uneasy about AI-related spending. Copper has benefited from the AI boom because it is used in electrification projects, power infrastructure and data centers.
2. COPX faces record streak
The Global X Copper Miners ETF, which holds companies including Teck Resources, Southern Copper and Freeport-McMoRan, was on track for a record weekly losing streak in LSEG data going back to April 2010. It closed Thursday at $71.01 and would post a 12th straight weekly decline if it finished Friday below $71.25. Its weekly RSI was 28.3, the most oversold reading since April 2025.
3. Key technical levels
The ETF's declining four-week moving average, near $71.85, is converging with its rising 80-week average near $69.60, which has provided support since May 2025. A move above $73.55 could pave the way for a more meaningful rebound, while a break below $69.96 and the 80-week average would expose support at $68.49, then the $66.20-$65.38 and $57.21-$56.93 areas.
