ICOP: iShares Copper and Metals Mining ETF Drops -12.7% Over 30 Days as Copper Prices Retreat
Key Takeaways
- The iShares Copper and Metals Mining ETF (ICOP) declined roughly 12.7% over the trailing 30 days as copper and precious-metals miners corrected from record highs.
- Over the past quarter the fund fell about 3.9%, reflecting a sharp August rally that was largely reversed in September and October.
- The pullback tracked a retreat in copper prices after a U.S. copper tariff premium unwound, compounded by a Federal Reserve rate hike, a stronger U.S. dollar, and rising exchange inventories.
- Heavyweight holdings such as Freeport-McMoRan, Southern Copper, Anglo American, and Antofagasta led the decline, while softer gold prices weighed on gold miners in the portfolio.
- With roughly 99.6% of assets in the materials sector, the fund is highly sensitive to commodity prices and the interest-rate environment.
Overview of the iShares Copper and Metals Mining ETF (ICOP)
ICOP is a passive, index-tracking ETF that seeks to replicate the STOXX Global Copper and Metals Mining Index (Net). The fund invests in U.S. and non-U.S. equities of companies primarily engaged in copper and metal ore mining, using a representative sampling approach rather than holding every index constituent. It is structured as a non-diversified fund and carries an expense ratio of 0.47%. The fund holds roughly 80 individual securities, with the vast majority (about 99.6%) classified in the materials sector and roughly 80% of assets invested outside the United States.
Largest positions include Freeport-McMoRan (FCX), Grupo Mexico, Anglo American, BHP Group (BHP), Newmont (NEM), Teck Resources (TECK), Southern Copper (SCCO), Lundin Mining, Antofagasta, and First Quantum Minerals. Because copper miners and gold miners dominate the portfolio, ICOP's price behavior is closely tied to industrial metal prices, precious metal prices, and global risk appetite. I also checked this using Tickeron’s AI Screener to see how the fund compares to others in the industry.
Recent Price Performance of ICOP
Over the trailing 30 days, ICOP fell approximately 12.7%, from a closing price near $54.58 to about $47.63. The move was not a steady decline: it was concentrated in a sharp mid-September to late-October selloff, punctuated by large down days in October as copper and gold prices pulled back together. The decline was trend-driven and volatile rather than gradual.
The three-month picture is more nuanced. Measured over the last quarter, ICOP declined only about 3.9%, from roughly $49.57 to $47.63. The fund rallied strongly through August, at one point approaching $61 as copper set record highs, before surrendering those gains. In effect, the quarterly result reflects a round trip: a powerful rally followed by an equally forceful reversal.
What Drove ICOP Price in the Last 30 Days
The primary driver was a pullback in copper prices from record levels. London Metal Exchange copper traded near $14,600 per metric ton in early September before retreating to roughly $14,300. A key catalyst was the delay in a U.S. decision on refined copper import tariffs. Earlier in 2026, anticipation of tariffs had triggered heavy stockpiling and a premium in U.S. copper; as that premium unwound, the trade that had supported elevated prices began to reverse.
Macroeconomic pressures amplified the move. In September the Federal Reserve raised its policy rate by 25 basis points to a target range of 3.75%–4.00%, its first increase in years, while the 10-year U.S. Treasury yield climbed to its highest level since 2007. A stronger dollar and higher yields weighed on dollar-denominated commodities and on cyclically sensitive miners. Supply-side relief compounded the slide: strike risks at major mines such as Escondida and Centinela were resolved in mid-October, removing a supply-disruption premium, while LME and COMEX inventories rose. Softer gold prices, which fell more than 2% in late October, added pressure on gold miners such as Newmont (NEM).
What Drove ICOP Performance Over the Last Quarter
The quarterly trend was defined by sector rotation and a reassessment of the rate outlook. Through July and August, copper and metals miners rallied as low visible inventories, tight concentrate supply, and tariff-driven stockpiling pushed prices to records, drawing inflows into cyclical and commodity-linked funds. That leadership reversed as the Federal Reserve signaled a more restrictive stance and long-term yields moved higher, prompting investors to trim positions in rate-sensitive, commodity-exposed equities.
Major holdings reflected this rotation. Freeport-McMoRan (FCX) and Southern Copper (SCCO) gave back meaningful portions of their summer gains, while London-listed Antofagasta and Anglo American fell alongside weaker metals prices. The net effect for ICOP was a modest quarterly loss despite the earlier rally, underscoring how quickly sentiment toward the copper complex can turn. From what I see, this kind of rotation highlights the importance of monitoring both commodity trends and macro signals closely.
ICOP ETF Outlook: What Investors Should Watch Next
The most important variable ahead is the path of copper prices, which hinges on the eventual U.S. decision on refined copper import tariffs and the disposition of the large inventories built up in U.S. warehouses. Investors should also monitor Federal Reserve policy and Treasury yields, since a prolonged period of elevated rates and a strong dollar would likely remain a headwind for commodity-linked equities. On the supply side, record-low treatment and refining charges and smelter margin pressure could eventually trigger production cuts that support prices, while demand from the power grid, electrification, AI data centers, and energy storage remains a structural tailwind. Gold prices will continue to influence the portfolio's precious-metals exposure. These themes—tariff policy, monetary policy, Chinese demand, mine supply, and inventory trends—are likely to shape ICOP's sector exposure and fund performance in the months ahead. I'm watching this closely as the situation evolves.
Enhancing My Research with Tickeron’s AI Screener
In my analysis process, I frequently use Tickeron’s AI Screener to scan for comparable ETFs and holdings, review technical signals, and assess sector momentum. The platform helps streamline comparisons of risk metrics and performance characteristics across thematic funds like ICOP, making it easier to identify patterns without manual effort. This approach has become a regular part of evaluating commodity-exposed vehicles.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
ICOP in -5.89% downward trend, sliding for three consecutive days on October 23, 2026
Moving lower for three straight days is viewed as a bearish sign. Keep an eye on this stock for future declines. Considering data from situations where ICOP declined for three days, in 158 of 186 cases, the price declined further within the following month. The odds of a continued downward trend are 85%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 14, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on ICOP as a result. In 47 of 56 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 84%.
The Moving Average Convergence Divergence Histogram (MACD) for ICOP turned negative on October 14, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 29 similar instances when the indicator turned negative. In 22 of the 29 cases the stock turned lower in the days that followed. This puts the odds of success at 76%.
ICOP moved below its 50-day moving average on September 28, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for ICOP crossed bearishly below the 50-day moving average on September 28, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 6 of 8 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 75%.
The Aroon Indicator for ICOP entered a downward trend on October 23, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The RSI Indicator demonstrates that the ticker has stayed in the oversold zone for 1 day, which means it's wise to expect a price bounce in the near future.
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 5 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a +3.86% 3-day Advance, the price is estimated to grow further. Considering data from situations where ICOP advanced for three days, in 197 of 216 cases, the price rose further within the following month. The odds of a continued upward trend are 90%.
ICOP may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
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