The metal will average $9,000 a ton in the third quarter, 11% more than current levels, according to the median estimate of the top five analysts in Bloomberg Rankings over the past eight quarters.
“The U.S. economy is pretty good,” said James Paulsen, chief investment strategist at Wells Capital Management, in the Bloomberg article. “Emerging markets should start to pick up. Some time by the end of the year we may look back at commodity prices in general and copper in particular and say this was a good time to buy.”
The iPath Dow Jones UBS Copper Subindex Total Return ETN (NYSEArca: JJC) is down more than 20% the past year on the Eurozone debt crisis. The ETN’s six-day string of losses has pushed it below the 50-day and 200-day moving average.
ETFs that invest in copper producers include First Trust ISE Global Copper Index Fund (NYSEArca: CU) and Global X Copper Miners (NYSEArca: COPX).
iPath Dow Jones UBS Copper Subindex Total Return ETN