COPPER MINERS VS COPPER - NEGATIVE MOMENTUM While copper made a 63% upside move since 2025, copper miners have outperformed by 135% before receding over the past months. The copper-miner-to-copper ratio indeed shows that miners have underperformed by more than 30% the metal since their peak. While they are now cheaper, miners remain in a negative momentum for the moment, here is why I have recently taken some profits on them to reinforce my oil allocation. I remain positive copper (and copper miners) over the long-term however, this trade has a tactical nature (i.e. short-term), the goal being to buy copper miners back at lower prices taking profits on recent winners later. $COPX $XLE