Copper outlook unclear

Article Excerpt

GLOBAL X COPPER MINERS ETF $25.84 (New York symbol COPX; buy or sell through brokers; www.globalxfunds.com) tracks the Solactive Global Copper Miners Index, which includes 20 to 40 global firms that mine and explore for copper. Germany-based Structured Solutions AG created the index in April 2010. Canadian firms make up 29.9% of the ETF’s holdings. They also include companies based in Australia (13.6%), India (8.0%), China (5.0%), and Chile (5.0%). The fund’s MER is 0.65%. Its top holdings are KAZ Minerals plc, 7.8%; Lundin Mining, 5.2%; Antofagasta plc, 5.2%; Vendanta Ltd., 5.2%; Glencore plc, 5.1%; Hud- Bay Minerals, 4.9%; Southern Copper, 4.8%; and Freeport McMoran, 4.6%. Copper prices have now moved up to $2.98 U.S. a pound from $2.10 in October 2016. Improving global economies and uncertain supply could push copper higher. In the near term, the metal’s outlook is for sideways movement. Global X Copper Miners ETF is a hold. hold…