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Copper Mining ETFs Up as China Promises Continued Growth

  +Follow July 23, 2013 4:42PM
Tickers Mentioned:

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.

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Results for COPX
26 Nov 15 17:48:34
SOXL Direxion Daily Semiconductor Bull 3x Shares Short Sales https://t.co/yPEcmhtvC2 $SOXL $WFC $COPX $FB #SOXL … https://t.co/ePMve7UHh3
26 Nov 15 17:48:08
SOXL Direxion Daily Semiconductor Bull 3x Shares Short Sales https://t.co/biAImXxYdW $SOXL $WFC $COPX $FB #SOXL #stocks #share
Rosner Stocks
26 Nov 15 17:45:12
NEM Newmont Mining Corp. Yield https://t.co/ncxwaayuSr $NEM $COPX $CAM $KMI #NEM #tradeideas #tradeideas
26 Nov 15 17:36:08
COPX Global X Copper Miners Ideas https://t.co/y9JsVQXBJT $COPX $ADMS $VXX $BABA #COPX #invest #tradeideas
Stock Trade Alerts
25 Nov 15 12:05:06
SHORT Seller Alert $COPX - GLOBAL X COPPER MINERS ETF #ShortSeller #Stocks ~ via #AlertTrade
Ro Patel
25 Nov 15 01:36:38
Premier Li Keqiang: China likely to invest over $1T overseas & import more than $10T in commodities over next 5 yrs - $COPX $GLD $FXI $DBC
Chris Egan
24 Nov 15 14:09:36
RT @WallStreeTopGun: Cooper, crude and commodities up UGGEEE today and $FCX fading. Poor @Carl_C_Icahn can't catch a break. $USO $JJC $COPX…
Matt Dawson
24 Nov 15 11:54:59
RT @WallStreeTopGun: Cooper, crude and commodities up UGGEEE today and $FCX fading. Poor @Carl_C_Icahn can't catch a break. $USO $JJC $COPX…
24 Nov 15 10:46:48
RT @WallStreeTopGun: Cooper, crude and commodities up UGGEEE today and $FCX fading. Poor @Carl_C_Icahn can't catch a break. $USO $JJC $COPX…
24 Nov 15 10:34:05
Cooper, crude and commodities up UGGEEE today and $FCX fading. Poor @Carl_C_Icahn can't catch a break. $USO $JJC $COPX $CPER $SPY $SPX
24 Nov 15 02:47:41
#Copper at multi-year lows again, but probably somewhat oversold. A bounce to $2.20? https://t.co/17y8c6tcOM; $JJC $HG_F $COPX
Ben Silverberg
23 Nov 15 05:05:47
Copper $HG_F fall to fresh 6 1/2 year low; producers start to outperform when confidence in a tradable low is in! $COPX $FCX
23 Nov 15 04:07:57
23 Nov 15 03:48:27
23 Nov 15 03:48:26
23 Nov 15 03:48:18
23 Nov 15 03:48:08
Ben Silverberg
23 Nov 15 03:23:37
Copper lost another 0.10/lb (4.63%) last week, remains below 20-dMA; S/T momentum trending down. $HG_F $JJC $COPX https://t.co/zMIYDRQPph
Options Answers
22 Nov 15 13:50:55
RT @PolgarStocks: MNKD MannKind Corp. Open https://t.co/gNhptu8Wda $MNKD $COPX $XLF $XIV #MNKD #tradeideas #stocks
22 Nov 15 13:43:32
MNKD MannKind Corp. Open https://t.co/gNhptu8Wda $MNKD $COPX $XLF $XIV #MNKD #tradeideas #stocks
22 Nov 15 13:40:33
HYG iShares iBoxx High Yield Corporate Bond Fund Day High https://t.co/JZdLiSAKhD $HYG $CYBR $COPX $IWM #HYG #tradeideas #invest
22 Nov 15 13:35:04
COPX Global X Copper Miners Dividend https://t.co/skKSrwfeWk $COPX $PRMW $NUGT $RCL #COPX #nasdaq #stockmarket
Lucky Jimmy
22 Nov 15 13:34:33
CBM Cambrex Corp. News https://t.co/Rujh0EAUKj $CBM $EFA $ECI.TO $COPX #CBM #investing #stock
21 Nov 15 19:51:08
XLE Energy Select Sector SPDR Message Board Posts https://t.co/taTffKeaVO $XLE $EXEL $CLVS $COPX #XLE #stocks #stock
21 Nov 15 19:42:04
HAL Halliburton Co. Exchange https://t.co/LWymxYDf7K $HAL $LNG $FXI $COPX #HAL #invest #tradeideas
21 Nov 15 19:36:04
COPX Global X Copper Miners Chart https://t.co/Pbz6IA0Fuu $COPX $UNG $XLV $UUP #COPX #share #pennystocks
  +Follow July 23, 2013 4:42PM



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