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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
Russell Barbour
29 Jan 15 14:57:58
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Oliver Gross
29 Jan 15 01:31:27
RT @SeekingAlpha: Copper Market Fundamentals Still Look Good http://t.co/I0jDMXK9kJ $BHP $RIO $COPX
Russell Barbour
28 Jan 15 17:31:38
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Seeking Alpha
28 Jan 15 09:36:54
Copper Market Fundamentals Still Look Good http://t.co/I0jDMXK9kJ $BHP $RIO $COPX
Eamon Foley
28 Jan 15 08:54:14
Falling #copper price sounds the alarm for base metals miners $COPX http://t.co/lcGEwqStgb
Andrew Hecht
27 Jan 15 12:33:47
China: External Stimulation Could Lift Growth http://t.co/GHaKRqzNWV $CL_F $GC_F $CHXX $COPX $HG_F $CPER $CUPM $DBB $JJC
YuliyaInopinaPR
27 Jan 15 10:58:42
RT @OliverGross_JRB: There is no #green #energy without #mining #copper: #Kovacevic | CEO.CA #stocks #copperbank $copx http://t.co/4gC88XI…
Ben Silverberg
27 Jan 15 03:38:05
Copper futures $HG_F down -1.3% to 2.511 as the red metal remains under pressure amid China slowdown. $JJC $COPX
Seeking Alpha
27 Jan 15 03:04:08
China: External Stimulation Could Lift Growth http://t.co/F9eCEMVU6Z $FXI $JJC $PGJ $YINN $GXC $FXP $COPX $CU $YANG $MCHI $XPP $YAO $YXI
Eamon Foley
26 Jan 15 06:10:05
Copper traders' commitments. Bullish upward trend. Contrast that to $COPX ugly #chart! http://t.co/6OriUTn1SY http://t.co/Tl2JEYQAO0
TrendsInvesting
26 Jan 15 05:57:47
Economic slowdown in China(45% global demand) causes that price of copper is falling $COPX $CU -down -4.39% in 3 days http://t.co/U2CbKHerrY
Ben Silverberg
26 Jan 15 03:30:22
Copper Futures $HG_F are down -1.02% or 0.025 to 2.476 as concerns over future demand prospects continue. $JJC $COPX
Russell Barbour
26 Jan 15 03:06:01
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Russell Barbour
25 Jan 15 16:01:22
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
julia jarski
25 Jan 15 00:53:26
RT @MorganLBrennan: Mining stock meltdown: $FCX $SCCO $COPX tumbling after copper hit 5.5 yr lows this morning. More on this in @PowerLunch…
Russell Barbour
24 Jan 15 12:24:11
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Russell Barbour
23 Jan 15 19:54:36
Review of Timothy Sykes book: An American Hedge Fund: http://t.co/YDrsuz6QZm $INDL $MJN $COPX $IEF $OXY $SU $BHP
Woll Street
23 Jan 15 18:38:01
https://t.co/UvhSS3oGz4 $JJC $COPX swing shorts ideas look like they will pay off more looking at weekly. 2.38-2.12 next 2 targets. $HG_F
Russell Barbour
23 Jan 15 11:50:09
http://t.co/EdBMlB4een <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Russell Barbour
23 Jan 15 11:18:04
http://t.co/0pn36SwLMI <- Good daytrading tutorial DVD $ECA $LGF $CNQ $UGLD $URA $INDL $MJN $COPX $IEF $OXY $SU $BHP
Walter Live Oak
23 Jan 15 07:28:28
RT @paulwoll: $HG_F $JJC $COPX looks like that Copper bear flag breakdown may be just ahead.
Woll Street
23 Jan 15 06:54:07
$HG_F $JJC $COPX looks like that Copper bear flag breakdown may be just ahead.
Ben Silverberg
23 Jan 15 00:07:29
$HG_F fell -1.02% or 0.026 to 2.552 after the HSBC China flash January PMI showed manufacturing sector still in contraction $JJC $COPX
				
				
  +Follow July 23, 2013 4:42PM
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