Copper drops to lowest since July on AI slowdown fears, tariff doubts
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Copper prices fell Friday to their lowest levels since late July, as investors worry that a Democratic sweep in the U.S. midterm elections could threaten the rapid expansion of artificial intelligence infrastructure and lower the risk of U.S. import tariffs on the
Directly affected
- No company is named in this report.
Indirectly affected
- XLI Industrial Select Sector SPDR-0.3% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- COPX Global X Copper Miners ETF-16.3% 30d
Global X Copper Miners ETF: it holds copper miners. Linked by “copper” (copper) in this story.
- QQQ Invesco QQQ-9.8% 30d
Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story.
- FCX Freeport-McMoRan-19.9% 30d
Freeport-McMoRan (metal mining): copper miners' profits move with the copper price. Linked by “copper” (copper) in this story.
- SCCO Southern Copper-18.9% 30d
Southern Copper (metal mining): copper miners' profits move with the copper price. Linked by “copper” (copper) in this story.
- CAT Caterpillar-32.6% 30d
Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- DE Deere-3.4% 30d
Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLI | +3.03% | +5.45% | base | +0.12% | after close | after close | after close |
| XRT | -2.55% | -2.49% | base | -1.75% | after close | after close | after close |
| COPX | +2.28% | +2.02% | base | +1.34% | after close | after close | after close |
| QQQ | +6.56% | +5.75% | base | +1.43% | after close | after close | after close |
| FCX | +7.86% | +6.67% | base | +2.63% | after close | after close | after close |
| SCCO | +7.34% | +4.97% | base | +1.13% | after close | after close | after close |
| CAT | +12.53% | +12.71% | base | +0.94% | after close | after close | after close |
| DE | +1.76% | +0.35% | base | +1.46% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Copper drops to lowest since July on AI slowdown fears, tariff doubts TradingView
Source: TradingView
The price since 6 Nov 2026: Global X Fds (COPX) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| CAT | that day | +0.94% | final price |
| CAT | three days earlier | +12.71% | final price |
| CAT | five days earlier | +12.53% | final price |
| Global X Fds (COPX) | that day | +1.34% | final price |
| Global X Fds (COPX) | three days earlier | +2.02% | final price |
| Global X Fds (COPX) | five days earlier | +2.28% | final price |
| DE | that day | +1.46% | final price |
| DE | three days earlier | +0.35% | final price |
| DE | five days earlier | +1.76% | final price |
| Freeport-Mcmoran (FCX) | that day | +2.63% | final price |
| Freeport-Mcmoran (FCX) | three days earlier | +6.67% | final price |
| Freeport-Mcmoran (FCX) | five days earlier | +7.86% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | that day | +1.43% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | three days earlier | +5.75% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | five days earlier | +6.56% | final price |
| Southern Copper Corp/ (SCCO) | that day | +1.13% | final price |
| Southern Copper Corp/ (SCCO) | three days earlier | +4.97% | final price |
| Southern Copper Corp/ (SCCO) | five days earlier | +7.34% | final price |
| Select Sector Spdr Tr (XLI) | that day | +0.12% | final price |
| Select Sector Spdr Tr (XLI) | three days earlier | +5.45% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | +3.03% | final price |
| XRT | that day | -1.75% | final price |
| XRT | three days earlier | -2.49% | final price |
| XRT | five days earlier | -2.55% | final price |
Congressional trades in the stocks in this story
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 39 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Pete Sessions sold Microsoft (MSFT) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 35 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Lisa McClain bought Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 30 Sep 2026. That is 37 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Michael Rulli sold Microsoft (MSFT), worth $1,001 - $15,000 on 28 Sep 2026. That is 39 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Pete Sessions sold Alphabet (GOOGL), worth $15,001 - $50,000 on 14 Sep 2026. That is 53 days before publication. Filed 18 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Alphabet (GOOGL) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 63 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Thomas H. Kean Jr sold Alphabet (GOOGL), worth $1,001 - $15,000 on 27 Aug 2026. That is 71 days before publication. Filed 12 Sep 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN), worth $15,001 - $50,000 on 27 Oct 2026. That is 10 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN) (held by a spouse), worth $100,001 - $250,000 on 2 Oct 2026. That is 35 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Amazon Com (AMZN) (held by a spouse), worth $1,001 - $15,000 on 28 Aug 2026. That is 70 days before publication. Filed 14 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Global X Fds (COPX)
Companies tied to this story
- COPX Global X Fds
For “Copper drops to lowest since July on AI slowdown fears, tariff doubts,” Global X Fds (COPX) is linked, with no stored direction, medium confidence. Reason on file: Global X Copper Miners ETF: it holds copper miners. Linked by “copper” (copper) in this story
- QQQ Invesco Qqq Trust, Series 1
For “Copper drops to lowest since July on AI slowdown fears, tariff doubts,” Invesco Qqq Trust, Series 1 (QQQ) is linked, with no stored direction, medium confidence. Reason on file: Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story
- XLI Select Sector Spdr Tr
For “Copper drops to lowest since July on AI slowdown fears, tariff doubts,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- FCX Freeport-Mcmoran
Freeport-Mcmoran (FCX) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “Copper drops to lowest since July on AI slowdown fears, tariff doubts.” Reason on file: Freeport-McMoRan (metal mining): copper miners' profits move with the copper price. Linked by “copper” (copper) in this story
- SCCO Southern Copper Corp/
Southern Copper Corp/ (SCCO) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “Copper drops to lowest since July on AI slowdown fears, tariff doubts.” Reason on file: Southern Copper (metal mining): copper miners' profits move with the copper price. Linked by “copper” (copper) in this story
- MSFT Microsoft
Microsoft (MSFT) is linked, with no stored direction, medium confidence in the 6 Nov 2026 story “Copper drops to lowest since July on AI slowdown fears, tariff doubts.” Reason on file: Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story
- GOOGL Alphabet
In “Copper drops to lowest since July on AI slowdown fears, tariff doubts,” Alphabet (GOOGL) is linked, with no stored direction, medium confidence. Reason on file: Alphabet (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story
- AMZN Amazon Com
For “Copper drops to lowest since July on AI slowdown fears, tariff doubts,” Amazon Com (AMZN) is linked, with no stored direction, medium confidence. Reason on file: Amazon.com (catalog and mail-order houses): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story
Global X Fds (COPX)
“Copper drops to lowest since July on AI slowdown fears, tariff doubts” (6 Nov 2026) reaches Global X Fds (COPX) through this story.
Global X Fds (COPX) is on the page because Global X Copper Miners ETF: it holds copper miners. Linked by “copper” (copper) in this story
A second company, Invesco Qqq Trust, Series 1 (QQQ), is listed for a different reason: Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story
Price levels for Global X Fds (COPX)
COPX traded between 72.29 and 87.15 across 20 sessions. The latest close on file is 73.20. QQQ traded between 680.34 and 757.18 across 20 sessions. The latest close on file is 685.32. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.
What the saved facts support for Global X Fds (COPX)
46 out of 100
“Copper drops to lowest since July on AI slowdown fears, tariff doubts” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.