ICOP stock forecast, quote, news & analysis

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.
• Explore detailed Price Targets and a Forecast for ICOP on its dedicated pages.
• Discover Trending AI Robots for automated, data-driven trading ideas.

iShares Copper and Metals Mining ETF (ICOP) Overview and Portfolio Exposure

ICOP is a passive, index-tracking ETF (exchange-traded fund) 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.

iShares Copper and Metals Mining ETF (ICOP) Price Performance: Last 30 Days vs. Quarter

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 (one-quarter of one percentage point) 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.

AI Screener

Tickeron's AI Screener is an AI-powered stock and ETF discovery platform that helps investors scan thousands of securities using technical indicators, fundamentals, volatility metrics, price patterns, industry filters, AI-generated signals, and performance characteristics. The tool is designed to streamline research by surfacing trending names, breakout candidates, and other opportunities more efficiently than manual screening. Investors evaluating thematic vehicles such as ICOP can use the screener to compare sector exposure, momentum, and risk metrics across comparable funds and holdings. Explore the AI Screener to refine your research workflow.

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.

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations