COPX is trading at $85.43 (-3.25%) as copper prices retreat and high prices discourage Chinese buying.
- The Yangshan copper premium fell to $96 per tonne from $115, signaling weaker import demand; copper futures declined 0.31% in the latest session.
- The decline appears sector-specific: broader equities are higher, but copper miners face soft physical demand and geopolitical risk sentiment linked to Strait of Hormuz tensions.
- Cooler U.S. PPI and higher jobless claims are supportive of rate-sensitive assets but have not offset commodity weakness.