The Global X Copper Miners ETF (COPX) plummeted 8.52% during intraday trading on Friday, reflecting a sharp pullback for the fund that tracks copper mining companies.

The decline follows extreme volatility in the underlying copper market, where prices retreated after hitting record highs earlier in the week. Nervous investors engaged in widespread profit-taking across precious and industrial metals. This sentiment was exacerbated by a technical glitch at the London Metal Exchange, which delayed its opening by approximately one hour, adding uncertainty and disrupting trading during a period of high tension.

Additional pressure stemmed from concerns in the artificial intelligence sector affecting the copper demand outlook. Following corporate results that showed massive AI investments taking longer than expected to yield returns, and a downward revision of copper demand forecasts for data centers, investors reassessed the sustainability of a key demand driver. A strengthening U.S. dollar, which makes dollar-priced metals more expensive for holders of other currencies, further contributed to the sell-off.