Copper Fund Falls 2.71% as Southern Copper Drops 7.31% | Copper, Oct 22
Key Facts
- Copper futures fund fell 2.71%: the CPER fund closed at US$38.47 on Thursday 22 October, down from US$39.54.
- Miners fell harder: Southern Copper dropped 7.31% to US$183.59 and Freeport-McMoRan 6.26% to US$64.59.
- Metals fell together: gold touched a two-month low and the Nasdaq lost about 2.6%, so the fall was part of a broad sell-off.
- China is the key to demand: in April the International Copper Study Group forecast Chinese refined-copper use up 1.9% in 2026.
- Chile and Peru dominate supply: Chile is the world’s largest copper producer and Peru a top-three supplier.
Today’s Focus
Copper-linked investments fell on Thursday, 22 October 2026. The CPER fund, which follows US copper futures, closed at US$38.47, down 2.71%.
Miners suffered more. Southern Copper, with mines in Peru and Mexico, lost 7.31% to US$183.59, and Freeport-McMoRan, with South American assets, lost 6.26% to US$64.59.
We could not confirm a copper-specific trigger. Gold hit a two-month low, oil rose and US technology shares fell sharply, so investors cut risk across commodities.
What matters today. Copper miners fell about three times as much as the metal fund, which shows how strongly investors are cutting risk.
01 The session in one read
Copper extended its retreat on Thursday, 22 October 2026. The CPER fund settled at US$38.47, a fall of 2.71%.
It was a bruising session for the miners. Southern Copper lost 7.31% to US$183.59, and Freeport-McMoRan dropped 6.26% to US$64.59.
The same day the Nasdaq fell about 2.6% and spot gold touched its lowest since 4 August, so copper moved with the wider market.
The fall in copper funds and miners came with a sell-off in gold and technology shares, so the main driver looks like global risk aversion. We could not identify a copper-specific trigger. The variable to watch is whether miners recover on Friday, because they usually lead the metal.
02 The board
The CPER fund tracks one or three COMEX copper futures contracts chosen each month, so it does not mirror the spot price. Its fall of 2.71% to US$38.47 shows how futures investors repriced the metal.
Producer shares are a leveraged bet on the metal: Southern Copper fell almost three times as much as the fund.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER fund) | US$38.47 | −2.71% |
| Southern Copper | US$183.59 | −7.31% |
| Freeport-McMoRan | US$64.59 | −6.26% |
Source: RT close, 2026-10-22. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
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| 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
Global risk appetite was the main force. US technology shares fell sharply and the S&P 500 lost 1.21%, while an oil rally raised inflation worries.
Copper demand depends on China. The International Copper Study Group forecast in April that Chinese refined-copper use would rise 1.9% in 2026 and world use 1.6%, a modest pace compared with past decades.
US data did not help: initial jobless claims fell to 194,000 against a forecast of 200,000 (RT economic calendar), which kept expectations of high US interest rates alive and supported the dollar.
04 The Latin American read
Chile is the world’s largest copper producer, so its mining policy and mine output matter for every price swing. Peru is a top-three supplier and adds production risk.
For Latin American governments, falling copper prices are uncomfortable: royalties and mining taxes are budgeted on price assumptions that can sour quickly. Chile’s IPSA fell 1.88% on the day.
05 The names to watch
Southern Copper and Freeport-McMoRan are the listed bellwethers. Their sharper losses show that equity investors marked down earnings faster than futures investors marked down the metal.
BHP, which is not on our board, expects copper demand to rise from about 34 million tonnes now to more than 50 million tonnes by 2050, driven by electrification and data centres. Codelco in Chile and the large Peruvian mines remain the production names that can shift regional export income.
06 The outlook
The near-term path depends on global risk appetite and the dollar. A rebound in technology shares would probably help miners first.
The longer horizon still favours copper, thanks to grid investment, electric transport and data-centre construction. Thursday showed that short-term sentiment can still dominate.
07 What to watch
- Global risk appetite: A recovery in technology shares would ease pressure on miners.
- US dollar and interest rates: Copper is priced in dollars, so a firmer dollar can weigh on demand from abroad.
- China demand data: The April forecast of 1.9% growth in Chinese use needs confirmation from import and consumption data.
- Chile and Peru output: Supply news from the world’s top producers can tighten or loosen the market quickly.
Frequently Asked Questions
Why did copper fall on Thursday?
We could not confirm a copper-specific cause. Investors cut risk across commodities and technology shares, and the CPER copper fund lost 2.71%.
Does CPER track the spot copper price?
No. CPER tracks an index of one or three COMEX copper futures contracts that are selected and rebalanced monthly.
Why did miners fall more than copper?
Southern Copper fell 7.31% and Freeport-McMoRan 6.26%, because mining shares act as a leveraged bet on the metal.
Is the long-term copper story still intact?
Yes. The International Copper Study Group sees world use up 1.6% in 2026, and BHP expects demand above 50 million tonnes by 2050, driven by electrification and data centres.
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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