Copper rebounds from 3-month low as tightness offsets tariff, AI fears
Published . Updated .
Key takeaways
- By Eric OnstadCopper prices rebounded on Wednesday from their weakest in three months as initial fears about the impact of the US election on tariffs and AI data centres were offset by healthy demand and shortages outside the US.Benchmark three-month copper LME:CA1!
- Exposed: COPX, QQQ, XLI, FCX, SCCO
- Market reaction: price tracking starts with the next trading session.
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By Eric OnstadCopper prices rebounded on Wednesday from their weakest in three months as initial fears about the impact of the US election on tariffs and AI data centres were offset by healthy demand and shortages outside the US.Benchmark three-month copper LME:CA1! 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-13.1% 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-14.9% 30d
Freeport-McMoRan (metal mining): copper miners' profits move with the copper price. Linked by “copper” (copper) in this story.
- CAT Caterpillar-23.2% 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-0.6% 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.
- WMT Walmart+12.9% 30d
Walmart (variety stores): 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 | -1.66% | -2.29% | base | after close | after close | after close | after close |
| XRT | -2.30% | -0.06% | base | after close | after close | after close | after close |
| COPX | +7.14% | +0.25% | base | after close | after close | after close | after close |
| QQQ | +5.88% | +0.76% | base | after close | after close | after close | after close |
| FCX | +7.87% | +1.12% | base | after close | after close | after close | after close |
| CAT | +14.53% | -0.17% | base | after close | after close | after close | after close |
| DE | -3.81% | +1.40% | base | after close | after close | after close | after close |
| WMT | -4.79% | -1.04% | base | after close | 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 rebounds from 3-month low as tightness offsets tariff, AI fears TradingView
Source: TradingView
How far Global X Fds (COPX) has moved since 4 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| CAT | three days earlier | -0.17% | final price |
| CAT | five days earlier | +14.53% | final price |
| Global X Fds (COPX) | three days earlier | +0.25% | final price |
| Global X Fds (COPX) | five days earlier | +7.14% | final price |
| DE | three days earlier | +1.40% | final price |
| DE | five days earlier | -3.81% | final price |
| Freeport-Mcmoran (FCX) | three days earlier | +1.12% | final price |
| Freeport-Mcmoran (FCX) | five days earlier | +7.87% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | three days earlier | +0.76% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | five days earlier | +5.88% | final price |
| WMT | three days earlier | -1.04% | final price |
| WMT | five days earlier | -4.79% | final price |
| Select Sector Spdr Tr (XLI) | three days earlier | -2.29% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | -1.66% | final price |
| XRT | three days earlier | -0.06% | final price |
| XRT | five days earlier | -2.30% | 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 37 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 33 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Jonathan Jackson sold Walmart (WMT) (jointly held), worth $50,001 - $100,000 on 28 Sep 2026. That is 37 days before publication. Filed 19 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 25 Sep 2026. That is 40 days before publication. Filed 7 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 33 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 35 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 37 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 51 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 61 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 69 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 8 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 33 days before publication. Filed 27 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 carried with this story
- COPX Global X Fds
Global X Fds (COPX) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Copper rebounds from 3-month low as tightness offsets tariff, AI fears.” 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 rebounds from 3-month low as tightness offsets tariff, AI fears,” 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
In “Copper rebounds from 3-month low as tightness offsets tariff, AI fears,” 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
For “Copper rebounds from 3-month low as tightness offsets tariff, AI fears,” Freeport-Mcmoran (FCX) is linked, with no stored direction, medium confidence. 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 4 Nov 2026 story “Copper rebounds from 3-month low as tightness offsets tariff, AI fears.” 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 4 Nov 2026 story “Copper rebounds from 3-month low as tightness offsets tariff, AI fears.” 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
For “Copper rebounds from 3-month low as tightness offsets tariff, AI fears,” 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 rebounds from 3-month low as tightness offsets tariff, AI fears,” 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)
The 4 Nov 2026 story “Copper rebounds from 3-month low as tightness offsets tariff, AI fears” names Global X Fds (COPX) because of this story.
For Global X Fds (COPX), the reason on file says Global X Copper Miners ETF: it holds copper miners. Linked by “copper” (copper) in this story
Also listed, Invesco Qqq Trust, Series 1 (QQQ): Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story
The price range for Global X Fds (COPX), and the dates in the story
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.
How strong the case is around Global X Fds (COPX)
46 out of 100
“Copper rebounds from 3-month low as tightness offsets tariff, AI fears” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.