Copper-related exchange traded products were rebounding Friday to cap a tough week. Traders jumped on cheaper copper prices and looked for a resolution to the European debt crisis at upcoming EU summit meetings.
The iPath Dow Jones- UBS Copper Sub-Index Total Return ETN (NYSEArca: JJC), an exchange traded note, was up 4.47% at last check Friday.
First Trust ISE Global Copper Index Fund (NASDAQ: CU) and Global X Copper Miners ETF (NYSEArca: COPX), which invest in copper miner stocks, also gained 3.62% and 3.35% at last check, respectively.
Late Thursday, German and French leaders assuaged the markets, stating that a plan would be discussed at the EUsummit on Sunday and approved by “Wednesday at the latest,” WSJ.com reports.
Copper traders saw this as a buying opportunity to jump into copper at this week’s low prices. Additionally, the weaker U.S. dollar also helped attract foreign investors to the relatively cheaper dollar-denominated copper.
Copper futures contracts for December delivery jumped 5.5% during trading Friday. Copper was down 10% on the week, however, on worries over the economy and the debt turmoil. [Copper ETF Weakness Raises Red Flags for Stocks]