Copper Fund Gains 0.84% as Southern Copper Rises 0.54% | Copper, Oct 26
Key Facts
- CPER, a copper-futures fund, rose 0.84% to US$39.39 on Monday, 26 October 2026.
- Southern Copper, a Peru- and Mexico-focused miner, gained 0.54% to US$186.01.
- Freeport-McMoRan, a major US copper miner, was flat at US$65.16 (down 0.03%).
- COPX, a fund of global copper miners, rose 0.99% to US$73.81, while Brazil’s stocks fell 13.88%.
Today’s Focus
Copper-linked funds edged higher on Monday while Latin America’s biggest stock market was crashing. CPER, an exchange-traded fund that holds copper futures, rose 0.84% to US$39.39.
Southern Copper, which mines in Peru and Mexico, gained 0.54% to US$186.01. COPX, a fund that holds global copper miners, rose 0.99% to US$73.81.
The calm in copper stood out against Brazil, where the Ibovespa stock index fell 13.88% after Lula’s re-election. Chile, the region’s top copper producer, saw its stock index fall only 1.59%.
What matters today. Copper miners held their ground on a day when Brazil’s shock hit most Latin American assets, so they acted as a haven inside the region.
01 The session in one read
Copper-linked funds rose on Monday, 26 October 2026, even as Latin American markets sold off. CPER settled at US$39.39, up 0.84%.
CPER is not a spot-copper price. It holds copper futures contracts, so its moves reflect futures prices and contract rolls, not the physical metal.
Southern Copper rose 0.54% to US$186.01, while Freeport-McMoRan, a large US copper miner, ended at US$65.16, down 0.03%.
The evidence points to copper miners standing apart from the Brazilian shock, because their revenues are priced in US dollars and the shock was specific to Brazil. The 0.99% gain in COPX supports that reading. The variable to watch is whether the sell-off spreads from Brazil to Chile and Peru, where copper is a large part of the economy.
02 The board
The copper board was modestly positive. CPER’s 0.84% gain to US$39.39 was the strongest move among the three names we track.
Southern Copper’s 0.54% rise to US$186.01 shows investors still favour Latin America’s listed copper producers. Freeport-McMoRan’s 0.03% dip to US$65.16 was negligible.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$39.39 | +0.84% |
| Copper miners (COPX) | US$73.81 | +0.99% |
| Southern Copper | US$186.01 | +0.54% |
| Freeport-McMoRan | US$65.16 | -0.03% |
Source: RT close, 2026-10-26. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 176,608.23 | -13.88% | +21.85% | 205,082.56 | 168,310 | 167,142 | — |
| IPSA | 10,575.59 | -1.59% | — | 10,746.36 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 69,647.80 | -0.33% | +12.17% | 69,879.62 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,017,221 | — | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,505.04 | -1.38% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 57,093.72 | +0.04% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
Copper did not react to Brazil’s turmoil. Brazil is a small copper producer, so the shock hit its banks, oil company and consumer shares rather than metals.
US markets were calm. The S&P 500 rose 0.70% and the US dollar index, a gauge of the dollar against major currencies, rose 0.22% to 102.03, a small headwind for dollar-priced metals.
The US 10-year Treasury yield, the benchmark borrowing cost, stood near 5%, and the Federal Reserve meets this week. Both keep traders cautious about metals that depend on global growth.
04 The Latin American read
Chile and Peru are among the world’s largest copper producers, and copper is central to both economies. Chile’s IPSA stock index fell 1.59% on Monday, hurt by companies with Brazilian exposure rather than by miners.
Southern Copper’s gain shows that investors separated Latin America’s metal producers from its Brazil-linked shares. That distinction may matter if the Brazilian sell-off deepens.
Brazil’s own market fell 13.88%, and the dollar jumped 8.79% against the real. A weaker real makes Brazilian exports cheaper in dollar terms but raises costs for importers.
05 The names to watch
Southern Copper is controlled by Grupo México and is among the purest listed plays on Peruvian and Mexican copper. Its US$186.01 close sits close to Monday’s high of US$188.09.
Freeport-McMoRan, at US$65.16, is the larger US-listed copper miner and a common benchmark for the sector. COPX at US$73.81 gives investors a spread across many miners.
CPER at US$39.39 is the simplest way for foreign investors to hold futures-linked copper without taking single-company risk.
06 The outlook
The near-term path depends on the dollar, US yields and the Federal Reserve’s message this week. A firmer dollar usually weighs on copper, and a softer one helps.
For Latin America, the question is whether the Brazilian shock stays contained. If it does, copper miners may keep their safe-haven role within the region.
07 What to watch
- Federal Reserve meeting: Rate guidance this week could move the dollar and metals.
- US dollar index: A move above 102 would pressure copper priced in dollars.
- Brazil spillover: Whether the sell-off reaches Chilean and Peruvian shares.
- Southern Copper: Whether it holds above US$184, Monday’s low.
Frequently Asked Questions
Does CPER track spot copper prices?
No. CPER holds copper futures contracts, so it reflects futures prices and contract-roll effects rather than the spot metal.
Why did copper miners rise while Brazil fell?
Copper miners earn dollars from a metal sold worldwide, and Brazil’s shock was specific to its politics, banks and currency.
Which Latin American countries matter most for copper?
Chile and Peru are among the world’s largest producers, and copper is a major part of both economies.
What is COPX?
COPX is an exchange-traded fund that holds shares of copper mining companies around the world.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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