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First Trust ISE Global Copper Index ETF (CU)

  • Jul. 21, 2011, 7:22 AM
    The HSBC China flash PMI for July comes in at 48.9, showing contraction for the 1st time in a year, and the lowest reading in 28 months. Assets levered to hot Chinese growth - the Australian dollar and copper to name two - drop sharply on the news. Shanghai -1%.
  • Jul. 19, 2011, 12:23 PM
    Following a sharp spring swoon, copper continues a 3 week, 12% romp that has brought the price within shouting distance of its all-time high around $4.60. Fans say to ignore worries about economic slowdown, Dr. Copper indicates solid growth lies ahead. JJC +1.5%.
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  • Jul. 7, 2011, 1:32 PM
    A breakdown in talks has led to a strike at Freeport-McMoRan's (FCX) Grasberg mine in Indonesia. It is the world's largest gold mine and a healthy supplier of copper too. Freeport shares are taking the news in stride, +4%. Gold is flat. Copper is in a world of its own.
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  • Jul. 7, 2011, 11:47 AM
    Copper continues its remarkable run from last Monday when risk markets around the planet ended their slump. The metal is 9.4% higher in less than 8 sessions after tacking on 2.3% today. At $4.43/lb., copper is within sight of its all-time high around $4.60. JJC +2.4%.
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  • Jul. 5, 2011, 3:07 PM
    The scramble for stuff continues, China's Jinchuan Group bidding $1.36B for African copper miner Metorex, trumping VALE's $1.125B offer. VALE could come back with a better price, but its CFO dismisses the possibility.
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  • Jul. 1, 2011, 2:23 PM
    Dr. Copper +4% today, adding more fuel to the positive economic spin emanating after today's stronger-than-expected ISM report. Word that China may be holding interest rates steady is helping support prices. Copper futures for September delivery stand at $4.30/pound, up from $4.09 earlier this week.
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  • Jun. 21, 2011, 7:19 AM
    Chinese May copper imports drop to a 30 month low, 47% below a year ago and 7% below April, as fabricators choose to draw down inventories instead of bringing in higher priced product. Given the PBOC's monetary tightening, analysts hedge expectations of the usual 2nd half rebound.
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  • Jun. 15, 2011, 8:05 AM
    A 50% fall in Chinese inventories over the past 2 months - from 600K tons to 300K tons - suggests the country will soon have to step up copper imports, giving support to the price. With much of the commodity sector having gotten hit lately, copper has held its own, suggesting this information is priced in.
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  • May 31, 2011, 10:24 AM
    The latest installment of the BBC's Bubble Trouble series aims at the copper market, where inventory looks to be far higher than bullish analysts will admit. Even something as simple as counting copper in warehouses is a tricky exercise. Banks buying up warehouse firms opens up troubling conflicts of interest.
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  • May 25, 2011, 8:51 AM
    Yesterday it was Goldman Sachs, today it's JPMorgan hawking the prospects for copper. "Demand is stronger than production," says the head of its global commodities group. Another bullish analyst notes inventories look to be rolling over, a bullish signal for the metal.  JJC +1.5%, FCX +0.9% premarket.
  • May 23, 2011, 10:47 AM
    Partly behind copper's outsized drop today is a report from China showing its imports of the metal thru April are 29% less than the same period last year. The price of copper could be as vulnerable to a crackdown in its use in financing schemes as to a decline in economic activity. JJC -3.6%.
  • May 19, 2011, 1:07 PM
    Bonnie Liu from Macquarie estimates 25% of China's Q1 copper imports were due to a scheme firms are using to obtain cheap credit, rather than true end demand. Part of the plan relies on high Shanghai copper prices - if they continue to fall, there will be a lot of folks long the metal needing to get out.
  • May 17, 2011, 8:07 AM
    The drop in confidence about base metals prices is reflected in the sharp decline in non-commercial net long positions in copper at the COMEX. A rise in Chinese output may cause worries about a glut, but more troublesome to bulls is the metal's use as a financing conduit.
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  • May 16, 2011, 9:54 AM
    Copper miners get a boost from a Goldman Sachs report saying the recent drop in copper prices represents a buying opportunity. Goldman believes a drawdown in copper inventories to "critically low levels" is coming in 2012. FCX +1.1%, CU +0.8%.
  • May 16, 2011, 8:54 AM
    The PBOC has apparently put the screws to a scheme where firms purchased copper to use as collateral for below-market financing. This may explain the downturn in demand (and price) for copper. Michael Pettis says companies are already busy figuring the next way to "innovate" around credit growth tightening measures.
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  • May 13, 2011, 8:16 AM
    Only 24 hours ago threatening to take out lows going back to November, copper continues a sharp reversal, back over $4.0/lb. Copper traded in Shanghai is in backwardation, indicating at least near term supply tightening. Could Freeport-McMoRan (FCX) bounce hard off the $48 level again?
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CU Description
The First Trust ISE Global Copper Index Fund is an exchange-trade fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before the Fund's fees and expenses, of an equity index called the ISE Global CopperTM Index.
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