COPX is trading at $87.01, down 3.30%, apparently driven primarily by profit-taking after its sharp September 22 advance. - Copper extended its rally on September 23, 2026; unusually tight Chinese inventories, pre-holiday buying and elevated physical premiums continue to support copper fundamentals. - Cautious broader-market sentiment and financial-sector weakness also weighed on COPX. The decline is an equity pullback, not a deterioration in the underlying copper-demand story.