Exchange traded funds indexed to copper prices and miners have vaulted about 20% in a week with investors turning more bullish on the global economy as Europe tries to make its debt crisis go away.

The iPath Copper ETN (NYSEArca: JJC), First Trust ISE Global Copper Index Fund (NYSArca: CU) and Global X Copper Miners ETF (NYSEArca: COPX) are all more than 20% over the past five trading sessions.

The funds have also busted through their 50-day moving averages during the sharp rebound in prices. [Copper ETFs in Biggest Rally Since 2009]

Copper was rising Thursday after European leaders reached agreements to expand the bailout fund and haircuts on Greek debt. [Debt Deal]

Base metals “are popping on policy news out of Europe indicating that the banking crisis might be taking a breather,” Scott Gardner, chief investment officer at Verdmont Capital, told Bloomberg. “The Chinese have also recently hinted at easing monetary policy, which would be a big boost for the industrial-commodity trade.”

The iPath Copper ETN, which tracks futures, rose nearly 6% on Thursday.

iPath Copper ETN


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.