A 3% rally in Freeport-McMoRan (NYSE: FCX) shares Wednesday and a weaker dollar provided a boost to exchange traded funds (ETFs) that invest in copper and miner stocks.
Freeport reported higher first-quarter net income and the miner also declared a special dividend. The price Freeport-McMoRan received for copper rose 26%, the Associated Press reported.
Exchange traded products that track copper futures and miners include iPath Dow Jones UBS Copper ETN (NYSEArca: JJC), First Trust ISE Global Copper (NasdaqGM: CU) and Global X Copper Miners ETF (NYSEArca: COPX).
The two copper-miner ETFs have around 5% in Freeport. The futures ETN is down year to date after rallying in late 2010. Copper is seen as an indicator for global economic growth.
First Trust ISE Global Copper
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