As we touched on earlier while copper drifts lower, the related stocks are getting smacked as we observe a classic unwind of crowded positioning – BHP is set to open down another ~3% this morning, taking it to levels not seen since May and around 20% below its August high, i.e. significantly weaker than the pullback by the industrial metal.
A clear picture of the “Copper Trade” can be seen from the ASX-traded Global copper miners WIRE ETF, which has already corrected more than 30% from its 2026 high, with a weaker opening likely today following significant weakness in the likes of Freeport McMoRan (-6,7%) and BHP (-3%) overnight – two of the ETF’s largest holdings.
- We can see the WIRE ETF making new lows for 2026, or up to 10% below yesterdays close.
MM is bullish towards the WIRE WTF in the $18-19 region
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