“XME has already pulled back 15% from its recent high and poked up against its 50-day moving average. Given our broader market view, it would be surprising to see XME make new highs before pulling back more sharply, essentially in-line with the recent options market activity,” said MKM Partners in a note posted by Teresa Rivas of Barron’s.

Related: Tread Carefully With Gold Miners ETFs

The mining sector retreated along with the metals commodity Monday after China, the world’s largest consumer of raw materials, revealed exports dipped by 1.8% in April, compared to expectations of a 0.1% fall, and imports slumped 10.9% year-over year, compared to projections of a 5% contraction, CNBC reports.

Earlier this year, China announced the largest layoff in history as part of a shifting economic model to focus on domestic demand. The layoffs, though, could provide some relief to the beleaguered global steel industry and sector-related exchange traded funds.

For more news and strategy on the Miners market, visit our Miners category.

SPDR Metals & Mining ETF