Daily Movers: Copper Miners COPX Sank 6.99%

Thursday reflected a pro-cyclical unwind, centered on the sharp break in Copper Miners COPX and reinforced by concurrent weakness in duration-sensitive assets. South Korea EWY fell 4.19%, Long Treasuries TLT lost 1.16%, Gold Miners GDX dropped 3.46%, and Semiconductors SMH declined 2.44%. Brazil EWZ rose 1.29%, Communication Services XLC added 0.60%, and Managed Futures DBMF gained 1.88%.

Equity: International divergence widened, miners lagged

Movers

Leaders: Brazil EWZ +1.29% (3M: +15.2%), Communication Services XLC +0.60% (3M: +0.7%)

Laggards: Copper Miners COPX -6.99% (3M: +14.8%), South Korea EWY -4.19% (3M: +2.4%)

3M Leaderboard

Strong: Brazil EWZ +15.2%, Copper Miners COPX +14.8%, Energy XLE +12.3%

Weak: Real Estate XLRE -3.5%, Utilities XLU -2.8%, Consumer Staples XLP -2.1%

Fixed Income: Short duration held up, long duration lagged

Movers

Leaders: Short TIPS VTIP -0.18% (3M: unch.), Short Corporate VCSH -0.38% (3M: unch.)

Laggards: Long Treasuries TLT -1.16% (3M: -3.7%), Investment Grade Credit LQD -0.90% (3M: -2.3%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +0.5%, High Yield HYG +0.4%, Short TIPS VTIP unch.

Weak: Long Treasuries TLT -3.7%, Muni Bonds MUB -3.0%, Investment Grade Credit LQD -2.4%

Specialty: Alternative exposures held up, miners and semis lagged

Movers

Leaders: Managed Futures DBMF +1.88% (3M: +4.2%), Ethereum Trust ETHA -0.11% (3M: +51.1%)

Laggards: Gold Miners GDX -3.46% (3M: +30.1%), Semiconductors SMH -2.44% (3M: -1.9%)

3M Leaderboard

Strong: Ethereum Trust ETHA +51.1%, Gold Miners GDX +30.1%, Bitcoin Trust IBIT +24.5%

Weak: Clean Energy ICLN -10.0%, Infrastructure PAVE -3.3%, Real Estate VNQ -2.8%

Cross-Asset Read

The pro-cyclical unwind defined the session across equities, rates, and specialty exposures.
The 3M leadership cluster sits in EWZ, COPX, XLE, ETHA, GDX, and IBIT, and Thursday extended that trend in EWZ while COPX and GDX broke lower against standing gains; fixed income added the same direction, with TLT and LQD extending 3M declines of 3.7% and 2.4%.
Volatility expands in TLT and MUB, while compression holds in COPX, GDX, ACWV, DIA, EMB, and HYG; the cross-asset regime is selective, with pressure in duration and cyclicals rather than broad liquidation.

Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.