Exchange traded funds (ETFs) that invest in copper futures and miners were in negative territory Wednesday as investors awaited the Federal Reserve announcement and Ben Bernanke press conference for more color on interest rates, the economy and the Fed’s bond-buying program.
Copper is a closely watched commodity because rising prices and demand are signals of a strong global economy.
The iPath Dow Jones-UBS Copper Total Return Subindex ETN (NYSEArca: JJC) was down nearly 2% in midday trading.
First Trust ISE Global Copper (NasdaqGM: CU) and Global X Copper Miners ETF (NYSEArca: COPX), meanwhile, followed Freeport-McMoRan (NYSE: FCX) shares lower.
“There’s anxiety in the air,” said Bruce McCain, chief investment strategist at the private-banking unit of KeyCorp, according to Bloomberg. “Bernanke will hold a press conference and people are trying to figure out what he’s going to say.”
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