"Weakness in commodities suggests a screaming sign of an overreaction; it's time to take another look at a high-quality, high-yielding commodity stocks such as Southern Copper (NYSE: PCU)," says global investing expert Nick Lanyi.

In his High Yield International, he says, "With mines in Mexico and Peru, Southern Copper ranks #1 in total copper reserves of any publicly traded company, making it almost a pure play on a rebound in the metal's price." Here's his contrarian outlook.

"Southern Copper has enough reserves to continue its current rate of production for the next 80 years without a single expansion or acquisition.

"With copper prices falling, the firm's earnings are taking a hit -- and the dividend has recently been cut. Now that this cut has already been factored into the shares, I think it's a better time to look at the stock than just a few weeks ago.

"Based on 2008 dividends, the stock yields 12.7% at the current price. Even if the dividend comes down more, I look for a yield of 8-9% over the next 12 months.

"Closed-end funds are a terrific way to gain diversified exposure to high-yielding foreign stocks," says global expert Nick Lanyi.

In his High-Yield International, he explains, "My latest closed-end fund pick, First Trust/Aberdeen Emerging Opportunity Fund (NYSE: FEO), gets income any which way it can from the world's fastest-growing economies." Here's his review.

"For U.S. investors looking to broaden their horizons, closed-end funds offer an easy way to gain exposure to a diverse mix of foreign stocks without venturing beyond U.S.-based stock exchanges.

"Not only that, they often provide access to stocks that don't trade in the U.S. -- including companies that only institutional investors (such as a fund manager) can buy.

"But these funds offer a bonus that mutual funds don't: in some cases you can purchase them at a discount to their net asset value (NAV) -- the underlying value of the fund's portfolio.

"That's because closed-end funds trade on the major stock exchanges, just like stocks. Their prices are determined by investor sentiment and supply and demand, in addition to the value of the investments they hold.

"Led by Brett Diment, the management team at Aberdeen Asset Management -- which specializes in emerging markets -- has assembled a portfolio that exposes investors to some of the fastest-growing economies in the world: Brazil, Mexico, China, India, Turkey, Argentina and Venezuela are among the fund's top holdings.

"The ongoing renaissance of Eastern Europe is generating tremendous economic activity, boosting profits for companies across the continent," says Nick Lanyi in High Yield International.

He explains, "As Europe's largest economy, Germany is well positioned to continue benefiting from this growth." And within Germany, his current top pick is Deutsche Telekom (NYSE: DT), which offers a dividend yield of 6.7%.

"German stocks are currently available at historically low valuations. The country's DAX Index is trading at only about 12 times 2008 earnings estimates, with an average dividend yield of 3.4%.

"One of the world's largest telecommunications companies, Deutsche Telekom is much more than the descendant of Germany's monopoly local phone utility. It generates more than half its revenue from outside Germany -- from diversified operations across Europe and in the U.S.

"Outside of Germany, DT garners more growth from its wireless operations in Eastern Europe, the U.K. and the U.S. Most of these operate under the well-known T-Mobile brand. Overall, worldwide wireless activities account for about 55% of the company's revenue.