Deutsche Bank has a "Base Metals" ETF. PowerShares DB Base Metals (DBB) - http://finance.yahoo.com/q?d=t&s=DBB
(1) You don't want the leverage? Just reduce your position size(provided that you're not trading one-lots). (2) It's said that at current levels, pennies have more than 1-cent worth of copper in them. You could do the "penny arb" versus scrap metal if you can convince banks to give you sacks of pennies in exchange for cash. Try it out.