Just weeks after Australia has recovered from massive flooding, a category 5 cyclone roared across the country. The impact of one of the country’s most powerful storm in history was mixed for some exchange traded funds (ETFs).

Brian Redican on MarketPlace reports that over the last three or four days, businesses have been very busily evacuating their stores, sand bagging them, putting boards and masking tape over windows in order to limit damage. [Cotton ETN Lifted By Flooding.]

According to International Business Times, cyclone Yasi will have implications for commodity markets, which have already risen on a host of other factors: political instability, too much rain, not enough rain and rampant flooding.

The impact of the floods could be great for some funds, but not so much for others.

  • Market Vectors Coal (NYSEArca: KOL): Queensland is a major supplier of coal. The flooding had already interrupted production and sent this fund higher in short order.
  • iPath DJ-UBS Sugar (NYSEArca: SGG): The cyclone may have wiped out 15% of Australia’s sugar crop. This market is already in shortage mode, so further damage to existing crops may send prices even higher. [Can Australia’s ETFs Rise Above Flood Waters?]
  • PowerShares DB Agriculture (NYSEArca: DBA): Australia is also a major supplier of wheat. Drought has already ravaged its crop; flooding and cyclones may only add to the high prices. DBA also owns futures on cocoa, cotton and other agricultural commodities.
  • iShares MSCI Australia (NYSEArca: EWA): Estimates are that the floods did about $20 billion in damage to Australia’s economy. The effect on EWA, though, is still an open question. On the one hand, Australia has an economy that may be well-equipped to handle it. On the other, many of the country’s major industries have been interrupted.
  • First Trust ISE Global Copper (NASDAQ: CU): Cyclone Yasi shut down a copper refinery, which could translate into upward pressure for copper prices. CU has a 12% allocation to Australian miners.

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.