Copper (CPER ETF): the last 12 months

Copper (CPER) is up 26.4% over 1Y and 6.9% below its high; its 90-day change is −5.3%. It lagged gold by 8.8 pp in August when precious metals were bid, and slipped with the tech selloff. Status quo for commodities: shifting.

Status quo card: Copper (CPER ETF), shifting.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

MonthChange90-dayRankCauses
November 2026 (month to date)−1.0% (z -0.6)−5.3%none of the surviving causes loads on it
October 2026−2.0% (z -0.7)−1.4%none of the surviving causes loads on it
September 2026−0.6% (z -0.4)+6.7%none of the surviving causes loads on it
August 2026+1.1% (z -0.1)−1.5%Precious metals were bid in the hard-asset trade, so gold outran copper (drove: Copper (CPER) lagged gold (GLD) by 8.8 pp, score 5.2)
July 2026+4.8% (z 0.6)+9.2%none of the surviving causes loads on it
June 2026−2.9% (z -0.8)+9.9%none of the surviving causes loads on it
May 2026+6.4% (z 0.9)+6.8%none of the surviving causes loads on it
April 2026+6.1% (z 0.9)+0.3%none of the surviving causes loads on it
March 2026−6.6% (z -1.4)−1.5%none of the surviving causes loads on it
February 2026+1.2% (z 0.0)+14.3%none of the surviving causes loads on it
January 2026+4.2% (z 0.5)+15.5%none of the surviving causes loads on it
December 2025+8.3% (z 1.2)+14.4%Industrial-metal squeeze: silver and copper hit records after the cut (evidence +8.3%, z 1.2); Industrial-metal squeeze lifted copper and silver above gold (drove: Copper (CPER) beat gold (GLD) by 6.1 pp, score 7.2)
November 2025+2.4% (z 0.2)+14.8%none of the surviving causes loads on it

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