COPX is trading at $85.78 (-4.0%) as copper-related cyclicals face pressure from a risk-off tone in pre-market trading and hawkish Fed expectations.
- The ETF is tracking lower U.S. futures and a weak session in Asia, reflecting heightened sensitivity to global growth sentiment among copper miners.
- Broader market sentiment is being weighed down by persistent inflation concerns and rising oil prices, adding to the downward momentum.
- This move follows a weak prior session as investors continue to digest the impact of higher interest rate projections on cyclical assets.