“The increased copper surplus (of approximately 416,000 metric tonnes) expected in 2015, 16 percent larger than this year, is due in large part to increased production at mining operations in Chile, Peru, Mexico and Zambia, among others,” Mining Minister Hernan de Solminihac said in the Reuters article.
The iPath Dow Jones-UBS Copper Total Return Sub-Index ETN (NSYEArca: JJC) was up 1.1% over the past week, but the exchange traded note is still down 5.2% year-to-date.
The iShares MSCI Chile Capped ETF (NYSEArca: ECH) gained 4.7% over the past week, but the ETF is still down 10.8% year-to-date. While Chile may be the largest copper producer in the world, the materials sector only makes up 10.9% of ECH’s holdings. The ETF leans includes a heavy tilt toward non-cyclical utilities at 25.1% and consumer staples at 12.0% but also holds 17.8% in the riskier financials sector.
iShares MSCI Chile Capped ETF
For more information on Chile, visit our Chile category.
Max Chen contributed to this article.