Chinese New Year is celebrated today, as the first day of the first lunar month has begun, and exchange traded funds (ETFs) are already reeling. Copper dipped in early afternoon trade while other base metals lost momentum, as buying interest was low in response to the Chinese Lunar New Year holiday earlier on this week.

The previous week saw a frenzied activity in base metals, however, the start of the Chinese New Year break has turned the markets somewhat quiet, reports Thomson Financial. China-focused ETFs have seen rough times so far this year after a stellar 2007.

The celebration will not be over until the 15th, so sit tight, and check out these China-focused ETFs. As always, we suggest waiting until a fund is above its 200-day moving average before considering a buy:

• PowerShares Golden Dragon Halter (PGJ)
• iShares FTSE/Xinhua China 25 Index (FXI)
  
• ProShares Ultrashort FTSE/Xinhua China 25 (FXP)
  

Tags: Asia, China, Copper, Emerging Markets, FXI, Metals & Mining, PGJ