In mid-November 2006, CalPERS announced a $500m allocation to "investments directly linked to prices of energy, metals, and…in companies that produce and distribute such commodities".
The metals sector was undergoing something of a correction. Rising copper inventories had brought the red metal's price down by 20% from its May peak, and with it came lead, zinc, aluminium, nickel and tin.
Precious metals gold, silver and platinum were also lower, although less dramatically.
Supporting the popula