COPX: A Buying Opportunity After Copper Miners' Sharp Pullback

The Global X Copper Miners ETF trades 23.1% below its 2026 high, despite copper futures holding near peak levels. COPX offers operational leverage to copper prices, with mining equities underperforming the metal by 9.5 percentage points year-to-date. I rate COPX a Buy, recommending gradual accumulation due to cyclical volatility, China’s economic slowdown, and rising inventories as key risks. Structural copper demand remains robust, driven by global electrification, despite short-term demand sensitivity and higher inventories.