“Copper roughly represents 40% of the country’s export revenue and minerals constitute the majority of the revenue in total,” according to Emerging Equity.
Despite falling prices, which have pushed as much as a tenth of the world’s copper miners into the negative, the drop has not been severe enough to trigger supply cuts, Reuters reports. [ETF Chart of the Day: Copper Call]
“Goldman Sachs Group Inc. says the bear cycle in copper has years to run, predicting rising global surpluses through 2019 and seeing prices at $4,500 a metric ton by the end of 2016, with the risk skewed to the downside. The metal touched a six-year low of $4,490 a ton on Monday,” adds Bloomberg.
iPath Dow Jones-UBS Copper Subindex Total Return ETN
