COPX Trades 23% Below Peak as Copper Futures Hit Highs

The Global X Copper Miners ETF (COPX) is currently trading at a significant discount, down 23.1% from its peak in 2026. This discrepancy occurs despite copper futures reaching near-record highs.

Mining stocks have underperformed the metal by 9.5% year-to-date, reflecting operational leverage and market volatility.

The analyst rates COPX as a Buy but recommends gradual accumulation due to risks like China's economic slowdown and rising copper inventories.