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Concern over the inflationary impact of monetary easing from both the European Central Bank and Federal Reserve have been building as investors shift their focus away from deflation to forced reflation by SuperBen and the League of Extraordinary Bankers.
Metals have shown solid strength since early August, with the most recent spurt directly attributable to rising inflation expectations. Copper (JJC) itself -- along with the Copper Miners (COPX) on the stock side -- appear to be breaking out after a severe period of weakness and underperformance back to early 2011.
Comeback Play
One way of playing a comeback in Copper is to play the country that exports a lot of the metal. Take a look below at the price ratio of the iShares MSCI Chile Index Fund (ECH) relative to the S&P 500 (IVV). As a reminder, a rising price ratio means the numerator/ECH is outperforming (up more/down less) the denominator/IVV.
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