iPath Pure Beta Copper ETN (CUPM) - NYSEARCA
  • 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
CUPM Description
The iPath® Pure Beta Copper ETN is linked to the Barclays Capital Copper Pure Beta TR Index (the "Index"). The Index is intended to reflect the returns that are potentially available through an unleveraged investment in the futures contracts in the Copper markets.
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