|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||18.9178 - 18.9556|
|52 Week Range||13.0000 - 19.2300|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.98%|
DJ Commodity Index Copper is enjoying its biggest rally in months, boosted by increased confidence about global growth and a weaker U.S. dollar. Copper prices have rewarded patient investors this year, rising 15% since their May lows. Several factors are driving the gains, chief among them a sense the global economy has turned the corner and is expanding in areas that have struggled for years.
Copper prices have been on a tear, surging around 7% in July amid concerns about China's new scrap import ban. The base metal has also been lifted by the weaker U.S dollar and solid demand from China, but French bank Natixis is concerned the rally has mainly been driven by speculation - net long positions are at the highest since April - and that could lead to a correction. The hike in prices have stemmed from the belief that demand in refined copper will increase in order to replace the loss from scrap and lead to a further tightening of a copper market that is expect to be in deficit near to medium term.
Australian mining stocks are on fire Wednesday morning after copper prices surged 4% to a two year high overnight. BHP Billiton (BHP.AU), the world's largest miner, is up 3% and Rio Tinto (RIO.AU) is also up 3%. Copper is trading around $2.87 a pound.