Exchange traded funds (ETFs) tracking copper futures and copper miners have traded in a range so far in 2011, searching for direction.

Copper is used as an indicator for the overall economic health of the global economy and strong demand equals expansion. [Copper ETFs Take Point On Metals Charge.]

Over the weekend, China reported a trade deficit in the first quarter of fiscal 2011, its first quarterly trade deficit in seven years. Copper imports are down 33% from one year ago.

The $230 million iPath Dow Jones-UBS Copper Total Return Subindex ETN (NYSEArca: JJC) reflects the performance of copper futures, and is down from its previous high. ETFs that invest in copper miners include First Trust ISE Global Copper Index Fund (NasdaqGM: CU) and Global X Copper Miners ETF (NYSEArca: COPX).

The iPath Dow Jones-UBS Copper ETN lost more than 1% on Monday after Goldman Sachs analysts closed a recommended trade.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.