Copper exchange traded funds received support on Wednesday as copper futures (HG1:COM) climbed +4%. The industrial metal had its best percentage gain in nearly one month, dating back to Jan. 12. Moreover, copper prices also surpassed a three-month trading high dating back to Oct. 21.
Copper got a boost from investors' stronger risk appetite demand as the major averages rally deep into the green and the dollar softens. Copper now finds itself +4.4% year-to-date but is still off 5.3% from its May. 10 high.
In a direct reflection of rising copper futures, several ETFs and ETNs found positive traction:
Global X Copper Miners ETF (NYSEARCA:COPX), United States Copper Index Fund (NYSEARCA:CPER), iPath Bloomberg Copper Subindex Total Return ETN (JJCTF), and iPath Series B Bloomberg Copper Subindex Total Return ETN (NYSEARCA:JJC).
Daily price action: COPX +3.4%, CPER +3.4%, JJCTF +5.2%, and JJC +3.4%.
Jeff Currie, Goldman Sachs commodity chief, is a copper bull, as he believes that copper is the new oil, as it's necessary for nearly all significant facets of the energy transition.
Copper's rally comes just days after the metal experienced its most significant weekly drop in price since Oct.
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