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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