Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Copper producer FCX Spikes on China worries on Copper supplies.

|Includes: ABX, AEM, BHP, Freeport-McMoRan Inc. (FCX), GG, GLD, GOLD, NEM, PKX, RS, SCCO, SLV, VALE, VALE, X

10:23am Macquerie suggested China may classify copper-molybderum as a national resources

According to Bloomberg an ongoing strike at Chile's Collahuasi mine could curb output of the Copper metal. Copper prices hit a 28-month high in London trading this morning, and equity plays in the ETF sector are advancing by as much as 2% on the day.

As a whole, the Commodity ETFs Index is in positive territory today despite a slight rebound by the dollar index, which is ahead for the first time since the Fed announced its plan to buy $600 billion of government bonds on Wednesday. Over the last week, the Global X Copper Miners ETF (NYSE: COPX - News) is lagging only the Market Vectors Junior Gold Miners (NYSE: GDXJ - News) ETF as gold prices rush to record highs, and the First Trust ISE Global Copper Index Fund ETF (NASDAQ: CU - News) and iPath Dow Jones-AIG Copper Total Return (NYSE: JJC - News) ETF are also among top performers, gaining more than 5%.

A look at the Copper Stocks Index shows that it has outperformed the S&P 500 fractionally over the last month. Today, Freeport-McMoRan (NYSE: FCX - News) is ahead by 2%, followed by Southern Copper (NYSE: SCCO - News), which is trading higher fractionally.

In conclusion:

(NYSE:FCX) is one commodities stock that is still trading at pretty cheap levels compared to others so a major rally in (FCX) could be just at the beginning stages.