iPath Pure Beta Copper ETN(CUPM)- NYSEARCA
  • 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 | 33 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
  • Nov. 9, 2015, 6:17 PM
    • Copper prices plunged to a six-year low today, dragging down mining company shares, after China's import data showed declining demand from the world's top buyer of the industrial metal.
    • China's imports of copper and copper products for the first 10 months of 2015 fell 4.2% Y/Y to 3.82M tons, the government said today; China accounts for ~40% of global copper demand, and the import data highlights long-running concerns that the country's economic slowdown would translate into lower copper imports.
    • The fall in copper prices rattled the mining sector, which has been battered by a prolonged slump in metals prices; Glencore (OTCPK:GLCNF, OTCPK:GLNCY), which got 20% of its operating income from copper production in H1 of 2015, fell 5.3% in London, and Freeport McMoRan (NYSE:FCX) ended 2.3% lower.
    • ETFs: JJC, CPER, CUPM
    | Nov. 9, 2015, 6:17 PM | 4 Comments
  • Oct. 9, 2015, 7:49 AM
    • Glencore's (OTCPK:GLCNF, OTCPK:GLNCY) planned cuts to its zinc production sends zinc prices soaring 9% overnight and bringing other base metals including copper along for the ride.
    • The move is good news for Glencore's stock price too, with shares up more than 11% in London and more than doubling since reaching a record low last week.
    • Glencore's reduced operations in Australia, Kazakhstan and South America will reduce global zinc supply by 500K metric tons/year, not a trivial amount in a 14.5M tons/year global market.
    • Zinc has, along with nearly all commodities, been under pressure from oversupply, sliding to a five-year low of $1,601.50/ton on Sept. 28.
    • Further destocking of zinc and a more visible recovery in China’s industrial activities will be needed to propel a more sustained price rally, says Xiao Fu, head of commodity markets strategy at BOCI Global Commodities.
    • ETFs: JJC, DBB, JJN, JJU, CPER, JJT, BOM, RJZ, BOS, FOIL, JJM, LD, BDD, NINI, CUPM, LEDD, UBM, BDG, HEVY
    | Oct. 9, 2015, 7:49 AM
  • Sep. 30, 2015, 11:48 AM
    • Copper prices surge as mine disruptions in Latin America and optimism for demand from China bring buyers into the market.
    • In Chile, output at the world’s biggest copper mine, Collahuasi, was cut by 30K metric tons/year due to low prices; the mine, owned by Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) and Glencore (OTCPK:GLCNF, OTCPK:GLNCY), accounted for 6% of global production in 2014.
    • Meanwhile, Peru declared a state of emergency in the area around the Las Bambas mine after clashes between police and protesters left three people dead.
    • But while copper prices tend to rally “any time you hear about disruptions to supply out of a country like Chile, the threat has been very short lived," says a commodities broker with RJO Futures, adding that concerns about the health of the global economy continue to keep a lid on the copper market.
    • Relevant tickers: FCX, JJC, CPER, CUPM
    | Sep. 30, 2015, 11:48 AM | 3 Comments
  • Sep. 17, 2015, 4:41 AM
    • Copper prices rose to two-month highs in early Asian trading on worries about supply disruptions due to a powerful earthquake off the coast of Chile - the world's largest copper producer.
    • The magnitude 8.3 quake shook buildings in the capital Santiago and generated tsunami warnings from New Zealand to California.
    • Five people are now known to have died, and one million residents have been evacuated from Chilean coastal areas.
    • ETFs: JJC, CH, ECH, COPX, CU, CPER, CUPM
    | Sep. 17, 2015, 4:41 AM | 4 Comments
  • Sep. 15, 2015, 5:57 PM
    • Copper bulls hurt by slowing Chinese demand have reason for hope as Citigroup predicts mine disruptions will send the oversupplied market back into deficit next year.
    • More than 1.5M metric tons of planned output this year has been lost for reasons ranging from rains and riots in Chile to lack of precipitation in Zambia and Papua New Guinea, Citigroup analysts say.
    • Copper mine output this year will total 18.9M tons, with production exceeding demand by 61K tons, in 2015 and a deficit of 284K tons next year, with refined output estimated to rise 1.3%, or less than half the rate in 2015.
    • Goldman Sachs, however, projects surpluses through 2019, including a  506K-ton surplus this year and 673K in 2016 amid supply growth and weak Chinese demand.
    • Relevant tickers: FCX, OTCPK:GLCNF, OTCPK:GLNCY, JJC, CPER, CUPM
    | Sep. 15, 2015, 5:57 PM | 10 Comments
  • Sep. 10, 2015, 2:32 PM
    • It doesn't get as much attention as oil, but copper has quietly rallied 9% off recent lows and broken its downtrend; as an example of copper's strength, Freeport McMoRan (FCX +4.9%) is up 39% since its low close on Aug. 26.
    • Copper futures are slightly above yesterday’s seven-week high, as weak China inflation data reinforced views that the government will roll out fresh support measures.
    • Copper could be in the midst of a significant upside reversal that is destined to test the upper channel boundary, after traversed from the top of its downward-sloping channel to the bottom before bouncing, MarketWatch's Mike Paulenoff writes.
    • Copper has been lifted this week amid news of global production cuts, including Glencore's suspension of operations at two copper mines in a bid to lower operating costs.
    • ETFs: JJC, CPER, CUPM
    | Sep. 10, 2015, 2:32 PM | 10 Comments
  • Sep. 9, 2015, 11:19 AM
    • Industrial metals continue their recent climb, with aluminum, zinc and lead trying to play catch-up with copper, which has gained 5% this week as more miners mothball operations at loss-making mines.
    • Glencore's (OTCPK:GLNCY, OTCPK:GLCNF) Monday announcement that it will cut 400K metric tons of copper production over the next 18 months at two mines in the Democratic Republic of Congo and Zambia comes in the wake of closures or cutbacks at mines controlled by Freeport McMoRan (FCX +4.3%) and others; shortly after Glencore’s decision, the Chinese operator of the Baluba mine in Zambia said it was suspending operations and cutting jobs.
    • The closures follow a high level of production outages across the copper industry this year because of bad weather and labor disputes, with the combined effect helping to tighten the difference between supply and demand.
    • ETFs: JJC, DBB, JJN, JJU, CPER, JJT, BOM, RJZ, BOS, FOIL, JJM, LD, BDD, NINI, CUPM, LEDD
    | Sep. 9, 2015, 11:19 AM | 9 Comments
ETF Hub
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub