COPX rose 1.5% following news about copper's increased importance to major mining companies. According to Reuters reporting on February 24, 2026, BHP Group reported half-year underlying attributable profit of $6.2 billion, up 22% year-over-year, with copper contributing 51% of operating earnings for the first time, surpassing iron ore. Rio Tinto similarly showed copper earnings doubling to approximately 30% of total earnings. London copper futures closed at $12,868.50 per metric ton, down slightly from the previous session but up 59% since April 2025. The copper price rally has been driven by U.S. stockpiling amid tariff policy uncertainty, supply disruptions at major mines, and long-term demand growth from energy transition needs including electrification of power and transport systems.
Read full analysisCOPX rose 1.5% following news about copper's increased importance to major mining companies. According to Reuters reporting on February 24, 2026, BHP Group reported half-year underlying attributable profit of $6.2 billion, up 22% year-over-year, with copper contributing 51% of operating earnings for the first time, surpassing iron ore. Rio Tinto similarly showed copper earnings doubling to approximately 30% of total earnings. London copper futures closed at $12,868.50 per metric ton, down slightly from the previous session but up 59% since April 2025. The copper price rally has been driven by U.S. stockpiling amid tariff policy uncertainty, supply disruptions at major mines, and long-term demand growth from energy transition needs including electrification of power and transport systems.
COPX is the Global X Copper Miners ETF, holding a basket of global copper mining companies including Freeport-McMoRan, Teck Resources, and Hudbay Minerals. The ETF has been exceptionally volatile in February 2026, with daily swings routinely exceeding 3% on persistently low volume, and a 2x leveraged ETF (COPZ) launched last week using COPX as its underlying. Copper's growing dominance in major miner earnings — now 51% of BHP's operating profit — underscores the structural demand thesis driving investor interest in the fund.