Freeport Rally, Lower Dollar Carry Copper ETFs

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A 3% rally in Freeport-McMoRan ( FCX ) shares Wednesday and a weaker dollar provided a boost to exchange traded funds (ETFs) that invest in copper and miner stocks.

Freeport reported higher first-quarter net income and the miner also declared a special dividend. The price Freeport-McMoRan received for copper rose 26%, the Associated Press reported.

Exchange traded products that track copper futures and miners include iPath Dow Jones UBS Copper ETN (NYSEArca: JJC), First Trust ISE Global Copper (NasdaqGM: COPX).

The two copper-miner ETFs have around 5% in Freeport. The futures ETN is down year to date after rallying in late 2010. Copper is seen as an indicator for global economic growth.

First Trust ISE Global Copper



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , ETFs

Referenced Stocks: FCX

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