Copper exchange traded funds are bouncing along the low for the year and a rebound would suggest a brighter view on the global economy.
Copper prices are regaining some lost ground following the recent plunge, on the back of strong Chinese imports and a slightly optimistic U.S. outlook. [Copper ETFs Fall on Growth, Debt Concerns.]
Exchange traded products that follow copper prices and miners include iPath Dow Jones-UBS Copper Subindex Total Return ETN (NYSEArca: JJC), First Trust ISE Global Copper Index Fund (NYSEArca: CU) and Global X Copper Miners ETF (NYSEArca: COPX).
Chinese July copper imports surged 9.5%, according to Commodity Online.
Last week, the Federal Reserve stated that it will hold interest rates at near zero levels until mid-2013.
“The announcement that the Fed’s interest rate policy will remain for some time certainly supported the market and in some ways acts as a form of a brake on the decline,” said Jonathan Barratt, managing director of Commodity Broking Services.