ETF Trends
ETF Trends

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

The opinions and forecasts expressed herein are solely those of John Spence, 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.