Funds reduced their net short copper exposure following rises in recent weeks.

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Soros also cut stakes in miners such as Nova Gold and Kinross Gold while opening a small position in Freeport McMoran, which has exposure to both copper and gold. (Note: All valuations used here represent May 17 closing prices unless noted).

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Among his individual gold equity positions, Paulson took the biggest hits in AngloGold Ashanti, Freeport McMoran (which has exposure to several other metals including copper and silver), and Novagold.

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Or you can take a look at the PowerShares DB Base Metals (NYSE: DBB) ETF, which has exposure to futures contracts on aluminum, zinc and copper.

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As a consequence, Nexans not only has limited exposure to the collapsed telecoms market, but also has a strong position in copper telecoms cables, a subject of renewed interest among telecoms companies keen to find new uses for traditional cables.

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