Someone Just Traded $35 Million of This Metals and Mining Fund

(Bloomberg) -- It looks like an investor has traded a massive amount of shares in the SPDR S&P Metals & Mining ETF, which made a comeback from its intraday lows late in the session.

The fund, known by the ticker XME, absorbed a block trade of about 1 million shares at $35.59 apiece at around 2:47 p.m. It was the biggest trade in at least 11 months, according to data compiled by Bloomberg.

Metals and mining stocks have been pressured in recent days amid fresh concern about international trade that has sent ripples through materials ranging from aluminum to copper. Volatility has also surged as first-quarter earnings reports continue to be released. The large ETF block trade could reflect an investor positioning for a longer-term bet on the sector.

• XME started to tick higher after the trade, paring earlier loss of as much as 2.4%. It closed down 0.9%.
• The fund has fallen 4% in the last three sessions.
• Freeport-McMoRan has been the worst laggard among the fund’s holdings, slumping amid its struggles in Indonesia on Indonesia issues and guidance cuts.
• NOTE: April 19, JPMorgan recommended buying few stocks that will incorporate bullish risk reversals, including XME.

--With assistance from Tom Lagerman (Global Data).

To contact the reporter on this story: Aoyon Ashraf in Toronto at aashraf7@bloomberg.net.

To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Richard Richtmyer

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