Copper Fund Falls 1.49% as Freeport Slips 0.69% | Copper, Oct 29
Key Facts
- The copper-tracking CPER fund fell 1.49% to US$39.73 on Thursday, October 29, and the copper-miners fund COPX lost 1.21% to US$75.90.
- Freeport-McMoRan, a US-listed miner with large Peruvian and Indonesian mines, fell 0.69% to US$66.14; Southern Copper, the Peru- and Mexico-focused miner, lost 1.11% to US$191.75.
- US growth beat forecasts: the economy grew 3.4% at an annual rate in the third quarter against a 3.2% forecast, while the dollar index slipped 0.33% to 101.85.
- Copper is a bellwether for global factories and power grids, so US readers watch it as a signal for tariffs and for electric-vehicle and data-centre demand.
- Prediction markets: Polymarket, a prediction market, puts 23.0% on US Section 232 tariffs (national-security tariffs) on copper cable by 31 December 2026, as of 29 October 2026, 8:45 pm ET.
Today’s Focus
Copper gave back Wednesday’s gains on Thursday. The US-listed copper fund CPER, which tracks copper futures, fell 1.49% to US$39.73, and the miners fund COPX lost 1.21%.
Miners fell across the board. Southern Copper dropped 1.11%, Freeport-McMoRan 0.69% and BHP, the Australian giant, 0.49%, while Rio Tinto, the Anglo-Australian miner, lost 3.12%.
The weaker dollar did not help: the dollar index fell 0.33%, yet copper still declined.
What matters today. Copper is Chile’s and Peru’s biggest export and a key input for US power grids and electric vehicles, so a falling price weighs on both producer currencies and Latin American mining shares.
01 The session in one read
Copper ended Thursday lower. CPER closed at US$39.73, down 1.49% from US$40.33, and COPX, a fund of copper-mining companies, fell 1.21% to US$75.90.
US growth was the day’s main data point. The Bureau of Economic Analysis (BEA), the US statistics agency, said the economy grew 3.4% at an annual rate in the third quarter, above the 3.2% forecast in the RT economic calendar.
China, the world’s largest copper buyer, had no major data on the RT economic calendar for 29 October.
Copper fell 1.49% on a day when Wall Street also fell, with the S&P 500 down 0.30% and the Nasdaq down 1.38%. A weaker dollar normally helps metals, so the drop looks tied to risk appetite rather than the currency.
We could not confirm a single trigger. The variable to watch is China’s demand data, since the country takes roughly half of the world’s refined copper.
02 The board
The CPER fund tracks copper futures rather than the physical metal, so it is a directional proxy and not a perfect mirror of the cash price.
Freeport-McMoRan fell 0.69% to US$66.14. Southern Copper lost 1.11% to US$191.75, and BHP 0.49% to US$81.82.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$39.73 | −1.49% |
| Copper miners (COPX) | US$75.90 | −1.21% |
| Freeport-McMoRan | US$66.14 | −0.69% |
| Southern Copper | US$191.75 | −1.11% |
| BHP | US$81.82 | −0.49% |
| Rio Tinto | US$83.25 | −3.12% |
Source: RT close, 2026-10-29. 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 | 169,186.42 | -1.06% | +19.56% | 171,006.10 | 178,526 | 175,157 | — |
| IPSA | 10,545.23 | -1.24% | — | 10,677.94 | 10,722 | 10,633 | — |
| IPC MEX | 69,441.29 | +0.37% | +12.74% | 69,182.39 | 70,008 | 69,383 | 49,372,306 |
| MERVAL | 2,848,945 | — | +12.65% | 2,859,051 | — | — | — |
| COLCAP | 2,489.93 | -0.63% | — | — | — | — | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| EUR/BRL | 5.95 | +7.53% | -4.87% | 5.54 | 6.04 | 5.92 | — |
| USD/MXN | 18.69 | +0.62% | +1.45% | 18.57 | 18.69 | 18.54 | — |
| USD/CLP | 983.47 | -0.57% | +5.64% | 989.13 | 991.87 | 979.07 | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| USD/PEN | 3.45 | +0.17% | +3.85% | 3.44 | 3.45 | 3.44 | — |
| USD/ARS | 1,537 | -0.28% | +3.77% | 1,541 | 1,541 | 1,537 | — |
| USD/UYU | 40.21 | +3.57% | +2.29% | 38.83 | 40.21 | 40.08 | — |
| USD/PYG | 5,803 | +3.78% | -16.54% | 5,592 | 5,803 | 5,735 | — |
| USD/BOB | 11.97 | +4.93% | +77.92% | 11.41 | 11.97 | 11.82 | — |
| USD/DOP | 60.54 | +1.83% | -4.34% | 59.45 | 61.14 | 59.85 | — |
| USD/CRC | 451.24 | +2.13% | -7.80% | 441.83 | 451.40 | 450.04 | — |
| USD/GTQ | 7.64 | +3.23% | +2.18% | 7.40 | 7.64 | 7.64 | — |
03 What moved it
The dollar index slipped 0.33% to 101.85, which usually supports dollar-priced metals, but copper fell anyway.
Stronger US growth cuts two ways. It supports demand for copper in power grids and construction, but it can also keep US interest rates high, which slows building and manufacturing.
04 The Latin American read
Chile, the world’s largest copper producer, saw its stock index fall 1.25% on Thursday, while its peso was roughly flat near 988 per dollar. The IPSA’s decline matched copper’s weakness.
Peru, the second-largest producer, is home to Southern Copper’s mines and to Cerro Verde, a large mine run by Freeport-McMoRan. Southern Copper’s shares fell 1.11% in New York.
Mexico’s Grupo México, which owns Southern Copper, fell about 0.7% in Mexico City.
05 The names to watch
Freeport-McMoRan is the cleanest US-listed play on copper, and it fell less than the sector.
For investors who want exposure without single-company risk, CPER tracks futures and COPX holds miners, and both fell on Thursday.
06 The outlook
Copper is likely to stay tied to risk appetite and the dollar in the short term. A weak Wall Street can drag the metal lower even when the dollar eases.
The next catalysts are China’s industrial data and any news on US tariffs, as prediction markets still see about a one-in-four chance of Section 232 tariffs (national-security tariffs) on copper cable by the end of 2026.
What Prediction Markets Say
On Polymarket, a prediction market, traders put the chance that US Section 232 tariffs hit copper cable by 31 December 2026 at 23.0%, and by 31 December 2027 at 47.5%. About US$17,000 has been traded on this market, as of 29 October 2026, 8:45 pm ET.
Prices on prediction markets are bets, not polls or forecasts by officials.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
07 What to watch
- China demand data: Industrial output and grid-investment numbers set the tone for global demand.
- Chile’s Friday data: The RT economic calendar shows Chile’s September copper production due on Friday 30 October, forecast at −15% against −12.8% before.
- US tariffs: Any Section 232 announcement on copper products would move US prices.
- Peru and Chile output: Mine disruptions in either country would tighten supply.
Frequently Asked Questions
Does CPER track the spot copper price?
No. CPER tracks copper futures contracts, not the spot price of physical copper.
Why do US investors watch copper?
It is an input for power grids, electric vehicles and data centres, and a gauge of global industrial demand.
Which countries produce the most copper?
Chile is the world’s largest producer and Peru is the second-largest.
How did copper miners do on Thursday?
Freeport-McMoRan fell 0.69%, Southern Copper 1.11%, BHP 0.49% and Rio Tinto 3.12%.
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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