COPX is trading at $75.25 (-3.40%) as copper miners give back recent gains amid a broader risk-off shift and rotation within cyclical sectors.
- The pullback follows a sharp rally over the past week, with investors now reassessing global growth prospects and commodity demand.
- Market caution is heightened ahead of the Federal Reserve's two-day meeting and persistent trade tensions, overshadowing relief from falling oil prices.
- Traders are currently rotating out of cyclicals as they weigh the impact of macroeconomic headwinds on the industrial metals space.