CUPM
iPath Pure Beta Copper ETNNYSEARCA
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  • Thu, Nov. 17, 9:17 AM
    • Freeport McMoRan (NYSE:FCX) has secured a 5% drop in charges it will pay China's biggest copper smelter, Jiangxi Copper, to process its concentrate for 2017, Reuters reports, in a deal that sets the benchmark for the region.
    • FCX reportedly will pay $92.50/metric ton and $.0925/pound for treatment and refining charges, in the second annual cut in a row and down from $.0975/metric ton for term contracts this year, as a surge in supply mostly from Peru begins to fade out; spot charges are at ~$105.
    • ETFs: JJC, CPER, CUPM
    | Thu, Nov. 17, 9:17 AM | 2 Comments
  • Wed, Nov. 16, 10:56 AM
    • Global copper markets will be oversupplied for at least two years, according to executives at some of the world's top copper producers, casting doubt on the chances of a prolonged rally in prices.
    • The cautious outlook comes after benchmark copper prices last week recorded their biggest weekly gain since 2011, largely fueled by Pres.-elect Trump's promises of infrastructure spending.
    • "In 2017, it will still be a relatively oversupplied market. In 2018 it will not be better than 2017," says a VP at Jiangxi Copper, China's largest copper producer; he also describes the market's recent moves as "irrational."
    • The founder and president of Maike Metals Group, one of China's top metals traders, says China's government needs to control "overspeculation" in the local futures market, hit by volatile trading over the last week as it was whipsawed by speculative cash.
    • Relevant tickers include FCX, BHP, RIO, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTC:ANFGF, OTCPK:AAUKF, OTCPK:AAUKY, JJC, CPER, CUPM.
    | Wed, Nov. 16, 10:56 AM | 18 Comments
  • Fri, Nov. 11, 8:58 AM
    • Copper was trading up 3% in late Asian trade, rising for a seventh straight session and up more than 15% for the week in what would be its biggest weekly gain since 1980, according to Reuters.
    • Copper already had been moving higher by a surge in China steel and coal prices, but Trump's surprise election victory and comments in his acceptance speech on increased infrastructure spending fueled further buying.
    • Traders say the pace of gains has been amplified by momentum-based fund buying, much of it from China, after prices this week smashed through a key chart resistance.
    • Analysts also are revising down expectations of mine supply for 2017, after January's price slump to six-year lows forced some high-cost mines to shut, and with new supply from Peru largely complete.
    • Relevant tickers include FCX, BHP, RIO, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTC:ANFGF, JJC, CPER, CUPM.
    | Fri, Nov. 11, 8:58 AM | 34 Comments
  • Thu, Nov. 10, 10:45 AM
    • Freeport McMoRan (FCX +6.1%) extends this week's breakout momentum to challenge 18-month highs along the $14 level as copper prices continue to soar.
    • High-grade copper futures for December have soared 4% so far today, the most in more than a year, extending gains as investors prepare for a possible boom in infrastructure projects under a Trump presidency.
    • Along with improvement in economic data from China, a major buyer of industrial metals, “Trump’s pledge to spend, combined with a surge in speculative demand on exchanges from New York to London and Shanghai, have all helped drive copper up to a 16-months high,” says Ole Hansen, head of commodity strategy at Saxo Bank.
    • Along for the ride are copper producers Antofagasta (OTC:ANFGF +11.3%), Glencore (OTCPK:GLCNF +5.7%) and BHP Billiton (BHP +8.2%), as well as companies that may benefit from bulked-up spending on U.S. infrastructure projects, such as Dublin-based CRH (CRH +1%), which has surged 11% in two days as the U.S. market makes up 51% of its revenue.
    • ETFs: JJC, CPER, CUPM
    | Thu, Nov. 10, 10:45 AM | 19 Comments
  • Wed, Nov. 9, 11:19 AM
    • Copper surges to a 15-month high, now +2.9% at $2.45/lb. after rising as much as 3.4% to its highest since July 2015, also boosting other metals as some investors speculate that a Trump presidency could launch significant fiscal stimulus and boost demand for metals.
    • In his victory speech last night, Trump said he would prioritize the rebuilding of American infrastructure with hopes of doubling U.S. economic growth.
    • Among related tickers: FCX +7.7%, RIO +5.9%, BHP +3.4%, VALE +4.2%, MT +10.6%, X +17.1%, STLD +8.2%, AKS +11%, NUE +11.6%, CLF +12%, RS +8.5%, WOR +3.8%.
    • ETFs: JJC, CPER, CUPM
    | Wed, Nov. 9, 11:19 AM | 45 Comments
  • Tue, Nov. 8, 4:57 PM
    • Freeport McMoRan (NYSE:FCX) was a big winner in today's trade, soaring 7.1% as copper gained 3.1% to $2.38/lb. in Comex trading to a new 52-week high.
    • Copper prices rose for the 12th day in a row, extending the longest rally in at least 28 years, part of a broader rally in metals as China's economic picture has brightened.
    • However, some analysts remain cautious on copper's ability to continue its gains, noting that China's economic recovery has been helped by economic stimulus, which may see benefits fade in the longer term.
    • ETFs: JJC, CPER, CUPM
    | Tue, Nov. 8, 4:57 PM | 20 Comments
  • Wed, Oct. 5, 6:43 PM
    • Chile’s state copper miner Codelco says it is postponing $2.25B in investments aimed at maintaining production levels as it struggles with low copper prices.
    • The world’s biggest copper producer seeks to develop six projects at aging mines to prevent a slump in copper output due to declining ore grades; its original proposal called for investments of $25B, but it was later cut back to ~$20B and now will total $18B.
    • The company has laid off workers as part of cost cuts as it posted a $97M loss in this year's H1, during which it produced 843K tons of copper.
    • ETFs: JJC, CPER, CUPM
    | Wed, Oct. 5, 6:43 PM
  • Fri, Jul. 1, 3:59 PM
    • Gold prices likely will rise in the near to medium term as the market turns to "safe mode,” but a market surplus is expected to drive copper prices lower over the next year or two, Credit Suisse says, also downgrading Southern Copper (SCCO -1.9%) to Underperform from Neutral with a $20 price target, cut from $28.
    • Copper prices likely will slip below $2/lb and reach a trough of $1.80/lb by 2018, and will hurt SCCO’s stock valuation, the firm says, even while reaffirming a positive view of the fundamentals behind the stock's investment case.
    • Credit Suisse foresees strong copper production at SCCO, with a 5% compound annual growth rate during 2016-21, with the Buenavista expansion expected to be completed by 2017 and Tia Maria ramped up by 2021.
    • ETFs: JJC, CPER, CUPM
    | Fri, Jul. 1, 3:59 PM
  • Wed, Mar. 9, 9:59 AM
    • Copper production cuts will not be enough to end a surplus this year and demand will not catch up with supply until 2017, Freeport McMoRan (FCX -1%) senior VP of marketing and sales Javier Targhetta tells Bloomberg.
    • ~700K metric tons of supply will have been removed in the year through mid-2016, but new supplies from mines added this year mean a glut will not be completely wiped out in 2016, Targhetta says.
    • Copper prices have tumbled in the past three years amid slowing economic growth in China, the metal's biggest consumer; meanwhile, production outpaced demand by ~147K tons in 2015, the biggest surplus since 2009.
    • "Long term I am very positive," Targhetta says. "I don’t see any new projects."
    • ETFs: JJC, CPER, CUPM
    | Wed, Mar. 9, 9:59 AM | 4 Comments
  • Mon, Feb. 22, 10:33 AM
    • Freeport McMoRan (FCX +12.1%) soars ~12% in early trade to lead the S&P 500, as copper futures and other base metals surge.
    • The LME’s three-month copper contract was up 1.4% at $4,686/metric ton after hitting a two-week high earlier in the session at $4,701, maintaining its price momentum after closing above $4,600/ton last week for the first time in almost two weeks.
    • Positive trading sentiment on copper was upheld by China’s announcement that it will reduce deed and business taxes for home buyers in a bid to speed up home sales and reduce the glut on the property market; weak Chinese property sales have been bad for copper prices, as the sector accounts for most of the demand for the metal.
    • Meanwhile, Bloomberg's David Fickling thinks BHP Billiton (BHP +5.9%) ought to buy FCX: BHP's copper output would more than double overnight and control of all three of the world's biggest copper pits - Escondida, Grasberg and Morenci - while a deal also would make sense for FCX, "whose debts are dragging it dangerously close to the plughole."
    • ETFs: JJC, DBB, CPER, BOM, RJZ, BOS, JJM, BDD, CUPM
    | Mon, Feb. 22, 10:33 AM | 22 Comments
  • Tue, Jan. 19, 8:21 AM
    • Freeport McMoRan (NYSE:FCX) says the CEO of its Indonesian unit, Maroef Sjamsuddin, has resigned for personal reasons after leading the company for one year.
    • Robert Schroeder, a director and VP, will assume Sjamsoeddin’s management responsibilities while the company searches for new leadership.
    • Freeport Indonesia has been embroiled in a major political scandal after Maroef reported the government that a top political leader had attempted to extort the company.
    • Meanwhile, FCX +5.1% premarket as oil and copper prices rebound following newly released Chinese economic data that was not as bad as feared.
    • ETFs: JJC, CPER, CUPM
    | Tue, Jan. 19, 8:21 AM | 12 Comments
  • Fri, Jan. 15, 10:34 AM
    | Fri, Jan. 15, 10:34 AM | 34 Comments
  • Mon, Jan. 11, 8:59 AM
    • BHP Billiton (NYSE:BHP) shares sink to decade lows on the Australian Stock Exchange as copper prices plummet to their lowest in six years, after muted Chinese inflation and more equity losses in Shanghai increase concern that demand from the country will slow.
    • "China gobbles up about one-half of global demand for anything from aluminum to copper, zinc, tin or coal," says an analyst at the Economist Intelligence Unit. "More downward pressure on the price of commodities and on commodity firms’ valuations can be expected.”
    • Metals have lost most of the modest gains they made toward the end of last year, with the LME Index falling last week by the the most since May.
    • Related tickers: RIO, VALE, FCX, JJC, CPER, CUPM
    | Mon, Jan. 11, 8:59 AM | 15 Comments
  • Dec. 21, 2015, 2:58 PM
    • Peru's energy and mines minister says the country's copper output should jump 65% in 2016 to ~2.5M metric tons after the massive Las Bambas project starts operations in February.
    • Ongoing talks in communities where protests against Las Bambas turned deadly in September have been positive recently and have not held up the $7.4B project; the mine should produce 250K-300K metric tons of copper in 2016.
    • But still-strong local opposition to Southern Copper's (SCCO -1.7%) $1.4B Tia Maria project likely prevent the government from issuing a construction permit for the stalled project, the minister says.
    • ETFs: JJC, CPER, CUPM
    | Dec. 21, 2015, 2:58 PM | 5 Comments
  • Nov. 23, 2015, 5:28 AM
    • Crude continued to drop further on Monday, as part of a wider decline in commodity prices and renewed concerns of oversupply with OPEC likely to ramp up output at its next meeting on Dec. 4.
    • "Oil prices may drop to as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market," Venezuelan Oil Minister Eulogio Del Pino declared.
    • The slump is also heavily biting into industrial and precious metals: Copper is now below $4,500 a metric ton for the first time since 2009, nickel lost more than 5% to its lowest level since 2003, zinc is down 4.2%, and gold is 0.7% lower at $1069 an ounce.
    • Crude futures -3% to $40.63/bbl.
    • ETFs: GLD, USO, OIL, IAU, UCO, PHYS, UWTI, SCO, SGOL, BNO, DBO, UGL, DWTI, DGP, GTU, GLL, JJC, DTO, UGLD, DZZ, USL, GLDI, COPX, OUNZ, CU, DGL, DNO, DGZ, DGLD, AGOL, JJN, OLO, SZO, GEUR, CPER, UBG, GYEN, OLEM, NINI, CUPM, QGLDX
    | Nov. 23, 2015, 5:28 AM | 34 Comments
  • Nov. 16, 2015, 10:32 AM
    • Knee-jerking sharply higher overnight possibly in response to Friday's terrorist attacks and subsequent reprisals by the French, oil has taken a big turn south in the past couple of hours, now off 1.2% to $40.26 per barrel. The last time crude was below $40 was during the market seizure of late August. Prior to that, one would have to go back to the depths of the global financial crisis in 2009.
    • Also turning sharply lower this morning and also returning to lows not seen since 2009 is copper, now down 2.15% on the session to $2.12 per pound.
    • Old hands can remember a time when commodity signals meant something to the Fed. If they still do, it's hard to envision the FOMC hiking next month with the price chart of copper (and oil) pointing so steeply down and to the right.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, JJC, DTO, UGA, USL, DNO, UHN, OLO, SZO, CPER, OLEM, CUPM
    | Nov. 16, 2015, 10:32 AM | 10 Comments
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