🔴 Copper Miners ETF (COPX) is trading 3.5% down in pre-market amid escalating U.S.-Iran tensions

COPX is trading at $91.96 (-3.47%), under pressure despite copper’s recent strength as escalating U.S.-Iran tensions weigh on risk appetite.

• Overnight copper futures eased roughly 0.2%–0.3%, while Rio Tinto fell 1.49%, signaling profit-taking and weaker risk appetite across mining equities.
• Brent crude is above $100, while concern that hotter inflation and higher yields could pressure cyclical assets.
• The upcoming U.S. PPI release adds near-term rate uncertainty.