Copper Fund Slips 0.44% to US$40.45 as Miners Fall | Copper, Oct 13
Key Facts
- The US copper fund CPER fell 0.44% to US$40.45 on Tuesday 13 October, after a 0.79% gain on Monday.
- Southern Copper fell 0.61% to US$207.42 and Freeport-McMoRan 1.19% to US$72.42, so the miners fell more than the metal fund.
- The US dollar index fell 0.36% to 102.2, yet copper-linked assets still slipped.
- Chile and Peru supply a large share of the world’s copper, and the iShares Chile fund ECH fell 1.03% to US$37.39.
- Prediction markets: Polymarket gives 36% to US Section 232 tariffs on copper cable by 31 December 2026 and 43% by end-2027 (US$16,649 traded, read at 8:50 pm ET on 13 October). Bets, not forecasts.
Today’s Focus
Copper-linked assets slipped on Tuesday 13 October. The CPER fund, which tracks copper futures on the COMEX exchange in New York, fell 0.44% to US$40.45.
Southern Copper, the miner with operations in Peru and Mexico, lost 0.61% to US$207.42. Freeport-McMoRan, which runs Grasberg in Indonesia and the Morenci mine in Arizona, fell 1.19% to US$72.42.
We found no single news item that explains the fall. The weaker dollar, which usually helps metals, did not lift copper.
What matters today. Copper and its miners fell together even with a softer dollar, which tells US investors that the pressure came from the sector and not from the currency.
01 The session in one read
Copper-linked assets fell on Tuesday 13 October. The CPER fund lost 0.44% to US$40.45, Southern Copper 0.61% and Freeport-McMoRan 1.19%.
The US dollar index fell 0.36% to 102.2. A weaker dollar usually makes metals priced in dollars cheaper for foreign buyers, yet copper did not gain.
The fund and both miners fell on a day when the dollar weakened. That points to sector selling and not to a currency effect.
The variable to watch is whether the CPER fund holds above US$40. A close below it would extend the pullback.
02 The board
The fund and the two miners moved in the same direction, with the miners falling further. That is the opposite of Monday, when the fund rose while both miners fell.
Mining shares trade on costs, taxes and mine disruptions as well as the metal price. The CPER fund holds COMEX copper futures, so it is a proxy and not the spot price.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER fund) | US$40.45 | -0.44% |
| Southern Copper | US$207.42 | -0.61% |
| Freeport-McMoRan | US$72.42 | -1.19% |
| iShares Chile fund (ECH) | US$37.39 | -1.03% |
| US dollar index | 102.2 | -0.36% |
Source: RT close, 2026-10-13. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 206,887.52 | -1.04% | +21.85% | 209,066.90 | 168,310 | 167,142 | — |
| IPSA | 11,020.01 | -0.21% | — | 11,043.36 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 67,147.36 | +0.60% | +12.17% | 66,746.78 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 2,869,151 | +1.45% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,570.34 | +1.55% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 60,645.95 | -0.22% | — | — | — | — | — |
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| 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
We could not confirm a single driver for Tuesday’s moves. RT’s calendar listed no major Chinese data release for the day.
US consumer prices for September are due on Wednesday 14 October at 12:30 UTC (8:30 am ET). That reading could move the dollar and, with it, metals.
04 The Latin American read
Chile is the world’s largest copper producer, and Peru is among the top three. Both depend on copper for export income and tax revenue.
Chile’s main share index, the S&P IPSA, slipped 0.21% on Tuesday. Southern Copper mines in Peru and Mexico, so its shares carry both countries’ risks.
05 The names to watch
Freeport-McMoRan is a major US copper producer and a barometer for US investors. Southern Copper is the closest listed proxy for Peru and Mexico.
The CPER fund gives the simplest US-listed view of the copper price. A divergence between the fund and the miners can signal company-specific news.
What Prediction Markets Say
Polymarket, a prediction market, priced US Section 232 tariffs on copper cable at 36% by 31 December 2026 and 43% by 31 December 2027, with US$16,649 traded (read at 8:50 pm ET on 13 October). Kalshi, a US exchange regulated by the CFTC (the US commodities regulator), priced restrictions before 1 January 2027 at 54% (2,335 contracts traded).
These prices are bets on a policy decision, not forecasts.
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.
06 The outlook
Copper has no clear trend after two sessions in opposite directions. Tariff talk in Washington keeps US buyers watching supply.
A hot US inflation reading on Wednesday could lift the dollar and weigh on metals. A cooler one could do the opposite.
07 What to watch
- US consumer prices: The September reading is due on Wednesday 14 October at 12:30 UTC (8:30 am ET).
- US dollar index: A move back above 103 would add pressure on metals priced in dollars.
- US tariff decisions: A Section 232 ruling on copper cable would change the outlook for US buyers.
- The US$40 line on CPER: A close below it would extend the pullback.
Background: Copper Fund Rises 0.79% to US$40.63 as Miners Slip.
Background: IPSA Edges Up 0.2% to 11,043 as Copec Gains.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
Why did copper miners fall on Tuesday?
We found no single cause. The CPER copper fund fell 0.44% to US$40.45, while Southern Copper fell 0.61% to US$207.42 and Freeport-McMoRan fell 1.19% to US$72.42.
What is the CPER fund?
CPER is the United States Copper Index Fund, which holds COMEX copper futures. It is a proxy for the US copper price, not the spot price.
Why does copper matter for Latin America?
Chile is the world’s largest copper producer and Peru is among the top three. Both rely on copper for exports and tax revenue.
What do prediction markets say about copper tariffs?
Polymarket priced Section 232 tariffs on copper cable at 36% by the end of 2026 and 43% by the end of 2027, as of 8:50 pm ET on 13 October. These are bets, not forecasts.
Market data: RT; prediction markets: Polymarket, Kalshi (as of 8:50 pm ET, 13 October 2026)
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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