“Commodity analysts at Goldman Sachs have detailed a new tactical opportunity for investors, explaining that a supply glut will mean copper will see some significant price pressures in the coming months,” according to CNBC.

The iShares MSCI Chile Capped ETF (NYSEArca: ECH) is one of the best-performing emerging markets single-country exchange traded funds. It is also defying weakness in the copper market, an important factor because Chile is the world’s largest producer of the red metal.

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Although Chile is viewed by some market observers as the most advanced and open South American economy and it is undeniably home to Latin America’s highest sovereign credit rating (AA-), there is also no denying the country’s dependence on copper exports as a driver of government revenue.

“In copper, we expect the main catalyst for the downside will be accelerating oversupply, but we are also conscious that we are entering a weak seasonal period for demand during which period inventories tend to build and prices often come under pressure,” according to a Goldman Sachs note posted by CNBC.

For more information on Copper ETFs, visit our Copper category.