Copper Fund Slips 0.53% as Southern Copper Falls 2.1% | Copper, Oct 21
Key Facts
- The US copper fund CPER fell 0.53% to US$39.54 on Wednesday 21 October.
- Southern Copper, the Peru-and-Mexico miner, fell 2.11% to US$198.07 in New York.
- Freeport-McMoRan was flat, up 0.04% at US$68.90.
- Chile’s peso weakened 0.7% to 981.70 per dollar while its stock index rose 0.5%.
- We show US-listed trackers and miners: we could not confirm a London or Shanghai copper settlement for the day.
Today’s Focus
Copper-linked investments in New York fell on Wednesday 21 October. The US copper fund CPER lost 0.53% to US$39.54, and Southern Copper fell 2.11% to US$198.07.
Freeport-McMoRan, a large copper miner, was flat at US$68.90. The CPER fund tracks US copper futures, so it can differ from prices in London and Shanghai.
We could not confirm a London or Shanghai copper price for the day, so we leave those out. The US dollar index was little changed at 101.7.
What matters today. US copper trackers and miners slipped, but the day’s move was small and the cause is unconfirmed.
01 The session in one read
Copper trackers fell on Wednesday 21 October. The CPER fund dropped 0.53% to US$39.54, after a 0.45% gain on Tuesday.
Southern Copper lost 2.11%, the largest move among the three names we track. Freeport-McMoRan finished flat.
The prices are clear, but the cause is not. The US dollar index was almost unchanged, so a stronger dollar does not explain the fall. We could not confirm a news trigger, and we have no verified copper settlement price from London or Shanghai. The variable to watch is whether miners keep falling faster than the metal.
02 The board
The sharpest move was Southern Copper’s 2.11% fall. The CPER fund lost 0.53%, and Freeport-McMoRan edged up 0.04%.
The miners’ moves differ because each company has its own mines, costs and debts. A fund such as CPER follows futures prices instead.
| Asset | Level | Change |
|---|---|---|
| Copper (CPER tracker) | US$39.54 | -0.53% |
| Southern Copper | US$198.07 | -2.11% |
| Freeport-McMoRan | US$68.90 | +0.04% |
Source: RT close, 2026-10-21. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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|---|---|---|---|---|---|---|---|
| IBOV | 206,495.23 | -0.86% | +21.85% | 208,295.98 | 168,310 | 167,142 | — |
| IPSA | 10,985.55 | +0.54% | — | 10,926.50 | 11,210 | 10,984 | 1,513,213,483 |
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| COLCAP | 2,560.37 | +1.07% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,870.67 | -0.52% | — | — | — | — | — |
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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 drove the move
We could not confirm a single driver. The US dollar index (101.7) was flat.
US stocks rose, with the S&P 500 up 0.58%, so the copper slip was not part of a wider sell-off.
04 The Latin American read
Chile is the world’s largest copper miner, and Peru is also among the top three. Both depend on copper for export income.
Chile’s S&P IPSA rose 0.5% on the day, even though the peso weakened 0.7% to 981.70 per dollar. A weaker peso reduces the dollar value of Chilean shares for foreign investors.
Southern Copper operates in Peru and Mexico, and its 2.11% fall is the clearest regional signal in our data.
05 The context
Copper demand depends heavily on China, which uses more refined copper than any other country. Construction, power grids and electric vehicles are the main uses.
On Wednesday 21 October, our economic calendar listed no top-tier China data release.
06 The outlook
The next sessions will show whether the miners’ weakness was a one-day move or a trend. The CPER fund had gained on Monday and Tuesday, so Wednesday’s fall may be a pause rather than a reversal.
Readers should watch the CPER fund and Southern Copper together: if both keep falling, the pressure is on the metal; if only the miners fall, the cause is more likely company-specific.
07 What to watch
- CPER and the miners: Whether Southern Copper’s 2.11% fall is repeated on Thursday.
- The US dollar index: A softer dollar usually supports dollar-priced metals.
- China data: Construction and power-grid investment figures drive copper demand.
- Chile and Peru: Any mine disruption in the two countries would matter for supply.
Frequently Asked Questions
Why did copper-linked stocks fall on 21 October?
The CPER fund fell 0.53% and Southern Copper 2.11%. We could not confirm a single trigger for the move.
What does CPER track?
CPER is a US-listed commodity fund that tracks copper futures traded in New York, so it can differ from London or Shanghai prices.
Who are the biggest copper producers?
Chile is the world’s largest copper miner, and Peru is also among the top three.
Why does China matter so much for copper?
China is the largest consumer of refined copper, which goes into construction, power grids and electric vehicles.
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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