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Copper Mining ETFs Up as China Promises Continued Growth

  +Follow July 23, 2013 4:42PM
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Copper his an all month high on statements from the Chinese Premier Li Keqiang indicated that growth would not be allowed to fall below 7 percent. Growth fell from 7.7 percent in the first quarter of 2013, to 7.5 percent in the second quarter, and analysts feared it would fall past 7 percent in the third.

China is currently the world’s largest consumer of copper, and accounts for 40 percent of all worldwide usage.

There has been speculation from analysts that China’s construction boom might be waning, or in fact might collapse completely. Famous short seller Jim Chanos has been one of the most vocal bears on China, saying the country’s financial outlook closely resembles the early stages of the boom and bust Japan suffered in the 80s prior to that country’s extended recession, referred to as the country’s ”Lost Decade.”  

Copper is building and expansion material, and worries in May that construction would slow stalled out prices. As T&K Futures & Co. President Mark Smith put it, “Any sign that demand in China might slip is going to hit copper.” And now, with reassurances that demand will continue to increase, copper has shot right back up.

 While there is no indication Keqiang can follow through on his promise to grow 7 percent and hit the government benchmark, China has already acted to sustain high growth. On July 22 the country removed government-mandated minimums on lending rates.

Copper was further bolstered on news China would increase railway construction.

Global X Copper Miners ETF ($COPX) is up 3.63 percent to hit 9.42 a share. First Trust ISE Global Copper Index ($CU) was up 3.5 percent to hit $21.91 a share.

The largest copper ETF, and candidate for the longest name of an ETF, iPath Exchange Traded Notes Dow Jones – AIG Copper Total Return Sub-Index ETV Series A (JJC) had a more modest gain, with a 1.08 percent uptick to hit $39.47 a share.

Copper is currently $3.18 a pound, down 34 cents on the year.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for COPX
Investors Hangout
11 Sep 14 13:17:18
$XLK Ex-Div Date http://t.co/PdvP0PS8lB Also See: $XLB $COPX $PLKD $ELTP ~
IH News Desk
11 Sep 14 12:44:06
$XGTI Filings Click Here: http://t.co/x1iKRkvhHv Also See: $OREX $COPX $ADCS $INOH ~
IH News Desk
11 Sep 14 12:38:16
$X Ask Size Click Here: http://t.co/MnwTA9X549 Also See: $RADA $EWY $USO $COPX ~
Rosner Stocks
11 Sep 14 11:40:09
$UTX Tick Click Here: http://t.co/2rj3Dpp3oN Also See: $COPX $PSID $EA $IYR ~
Rosner Stocks
11 Sep 14 10:25:43
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Rosner Stocks
11 Sep 14 09:54:55
$TLT Short Sales Click Here: http://t.co/8XSMMBuSE6 Also See: $UTX $DGRI $FB $COPX ~
IH News Desk
11 Sep 14 07:27:05
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PolgarStocks
11 Sep 14 05:07:44
$NUGT Filings Click Here: http://t.co/qpjkY7oL9o Also See: $COPX $G.TO $RAD $FDN ~
Investors Hangout
11 Sep 14 04:18:12
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IH News Desk
11 Sep 14 03:39:26
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Investors Hangout
11 Sep 14 03:15:39
$MOBL Exchange Click Here: http://t.co/4VhgzEXc8P Also See: $XNET $GOOG $COPX $XRT ~
Rosner Stocks
11 Sep 14 02:12:52
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Langan Stocks
11 Sep 14 01:49:59
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Stock Forums
11 Sep 14 00:53:40
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nasdaqfan
11 Sep 14 00:37:33
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Chasing Stars
10 Sep 14 23:40:37
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Chasing Stars
10 Sep 14 23:22:51
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Langan Stocks
10 Sep 14 23:21:20
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Chasing Stars
10 Sep 14 22:32:08
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Stephen s
10 Sep 14 21:46:40
RT @stock_forums: $CMG Open http://t.co/sGQuOvcvNO Also See: $RGBP $COPX $SUNE $GILD ~
Langan Stocks
10 Sep 14 21:36:56
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Investors Hangout
10 Sep 14 20:18:14
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Rosner Stocks
10 Sep 14 20:03:43
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Investors Hangout
10 Sep 14 19:22:19
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Investors Hangout
10 Sep 14 19:01:32
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IH News Desk
10 Sep 14 18:37:23
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Investors Hangout
10 Sep 14 17:22:54
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Langan Stocks
10 Sep 14 17:13:22
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Rosner Stocks
10 Sep 14 17:10:04
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nasdaqfan
10 Sep 14 17:08:47
$COPX Day High Click Here: http://t.co/ZaSdQGsEmo Also See: $PG $C $NIHD $EOD ~
IH News Desk
10 Sep 14 17:06:15
$COPX Change Click Here: http://t.co/pCUgoJUn9H Also See: $GOOG $XLU $KMI $INOH ~
PolgarStocks
10 Sep 14 17:03:47
$COPX % Change Click Here: http://t.co/5VywvU9RUi Also See: $NWTR $NIHD $TQQQ $SUNE ~
Stock Forums
10 Sep 14 16:49:31
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10 Sep 14 16:47:47
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Investors Hangout
10 Sep 14 16:45:43
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Investors Hangout
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10 Sep 14 16:28:27
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Stock Forums
10 Sep 14 16:21:21
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10 Sep 14 16:12:45
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Stock Forums
10 Sep 14 15:58:27
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10 Sep 14 15:57:24
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10 Sep 14 14:34:14
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PolgarStocks
10 Sep 14 13:06:41
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Investors Hangout
10 Sep 14 12:00:45
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10 Sep 14 10:03:46
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10 Sep 14 08:49:19
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10 Sep 14 04:47:28
$DGC.TO Bid Size http://t.co/zAMDDoVjt0 Also See: $COPX $WAG $EWY $XLK ~
Chasing Stars
10 Sep 14 03:47:03
$COPX Short Sales http://t.co/sgkoaWbnhl Also See: $REVI $XLV $IBB $SH ~
				
				
  +Follow July 23, 2013 4:42PM
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