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
The week on Risk.net, July 7-13, 2018Receive this by email