A copper exchange traded note was rising for the third straight day Friday as industrial metals have turned in a profitable week.
The $230 million iPath Dow Jones-UBS Copper Total Return Subindex ETN (NYSEArca: JJC) was up nearly 2% at last check Friday. Investors watch copper prices as an indicator for the health of the global economy, with China in particular stepping up its imports of the red metal.
The ETN is designed to reflect the performance of copper futures. The note was up 3% for the week ended April 7, according to Morningtar, and has climbed back above its 50-day moving average. Other industrial metals such as tin, nickel and aluminum have been strong this week.
PowerShares DB Base Metals Fund (NYSEArca: DBB) was also up nearly 2% on Friday, close to a 52-week high.