Copper miners ETF COPX trades 23% below 2026 highs despite strong copper prices, seen as a buy with caution.

The Global X Copper Miners ETF (COPX) is currently trading 23.1% below its 2026 peak, even though copper futures remain near their highest levels. Mining stocks have underperformed the metal by 9.5% year-to-date, reflecting operational leverage and market volatility. The analyst rates COPX as a Buy but recommends gradual accumulation due to risks like China's economic slowdown and rising copper inventories. Despite short-term challenges, structural demand for copper remains strong, driven by global electrification trends, supporting long-term investment potential.