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
  • 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
  • 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. 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
  • 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
  • Sep. 4, 2015, 10:09 AM
    | Sep. 4, 2015, 10:09 AM | 2 Comments
  • Jul. 7, 2015, 10:23 AM
    • Freeport McMoRan (FCX -7.3%) is the S&P 500's worst performer in early trading as copper prices retreat to five-month lows.
    • Other global miners of copper, iron ore and other metals also are posting sharp losses: VALE -6.1%, BHP -3.8%, RIO -3.9%, SCCO -4.4%, TCK -6.4%.
    • China’s stock market swoon is magnifying investor fears about weaker demand from one of the world’s largest consumers of raw materials.
    • Overnight, the S&P, Goldman Sachs and the Bloomberg commodity indexes fell the most since November, and analysts say the worst is yet to come.
    • "China's demand stumble comes at an awkward time, just when more and more supply of raw materials is coming on stream in many sectors. No quick fix in sight," says HSBC co-head of Asian economic research Frederic Neumann.
    • ETFs: JJC, CPER, CUPM
    | Jul. 7, 2015, 10:23 AM | 10 Comments
  • Jul. 6, 2015, 3:58 PM
    • Copper prices finished at five-month lows, -3.5% to $2.538/lb., on growing concerns that China’s demand for the industrial metal may continue to falter after a series of stimulus measures taken in the last several months has failed to make a dent in the country’s slowdown.
    • "Copper is telling you that there are serious problems in China,” says George Gero, a managing director at RBC Capital.
    • Also hurting copper was today's slide in crude oil; big drops in the oil price tend to weigh on copper, as many funds trade the two commodities in a single basket, with a heavier share devoted to oil.
    • ETFs: JJC, CPER, CUPM
    | Jul. 6, 2015, 3:58 PM
  • Jul. 6, 2015, 9:13 AM
    • Nymex crude oil futures for August delivery tumble $2.40 (-4.2%) to $54.46/bbl, while ICE Brent crude slides $1.31 (-2.5%) to $58.81/bbl, after Greece overwhelmingly voted against creditors’ conditions for further bailout aid, adding to uncertainty around the country’s eurozone membership.
    • "All three possible Greek-related factors - higher risk aversion, a stronger dollar, and a slowdown in the European economy - would be bearish for oil prices,” says Michael Wittner, head of oil research at Société Générale.
    • Oil prices also are being pressured by the Iranian nuclear talks expected to conclude this week, which could see heightened Iranian crude exports soon if sanctions are lifted, and Friday's sharp fall in oil prices following the U.S.’s unexpectedly high oil inventory figures and bearish drilling rig count last week.
    • The three-week selloff in China’s stock market also has rattled confidence in commodities markets; copper, often watched as a barometer for the broader global economy, -3.6% at $2.539/lb.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, JJC, DTO, USL, DNO, OLO, SZO, CPER, TWTI, OLEM, CUPM
    | Jul. 6, 2015, 9:13 AM | 16 Comments
  • Feb. 3, 2015, 10:24 AM
    • Copper prices are on track for their biggest gains since September on speculation that China would use stimulus measures to jump-start its economy and boost demand for the metal.
    • Rising oil prices and Chinese stimulus speculation “have changed the focus to the upside and the short-covering has done the rest,” says Saxo Bank's Ole Hansen, adding that “energy is such a big and important part of the commodity sector, and the somewhat improved sentiment there also helps other” raw materials; aluminum and nickel also are rising to multi-week highs.
    • "We’re in this perverse world where bad news is good news,” says BNP Paribas analyst Stephen Briggs, and "a lot of people are thinking China’s going to join the rest of the world and lower interest rates or [offer] some kind of monetary response."
    • Raw materials companies are off to a strong start today: FCX +5.8%, BHP +3.9%, RIO +2.4%, VALE +3.9%, SCCO +3.4%.
    • ETFs: JJC, DBB, JJN, JJU, JJT, CPER, BOM, RJZ, BOS, LD, BDD, JJM, FOIL, NINI, CUPM
    | Feb. 3, 2015, 10:24 AM | 11 Comments
  • Jan. 26, 2015, 11:49 AM
    • J.P. Morgan cuts its 2015 aluminum and copper forecasts by ~10%, seeing rising production in China this year while demand remains lukewarm, and downgrades Chalco (ACH -1.7%) to Sell from Neutral.
    • ACH has been one of the best performing stocks in China’s metals sector, but JPM says the underlying issue remains the company’s high-cost, loss-making assets within an oversupplied aluminum sector.
    • With ACH's high debt and negative free cash flow, the firm also believes the likelihood of an equity raising has increased.
    • Copper prices are bumping along at five-year lows, reflecting a worsening outlook for the global economy.
    • ETFs: JJC, CPER, CUPM
    | Jan. 26, 2015, 11:49 AM
  • Jan. 14, 2015, 10:28 AM
    • Freeport McMoRan (FCX -10.8%) sinks to a 52-week low as copper prices fall 4.5% to collapse to 2009 levels, though it is off overnight lows after prices were down nearly 9% at one point in London.
    • Other big global miners also are sharply lower: SCCO -7.3%, RIO -2.5%, BHP -4.4%, VALE -3.8%, CLF -5.8%.
    • Concerns over a supply glut and slowing consumption in China have weighed on copper prices in recent months; copper is often seen as an omen for the global economy because it is used in a wide array of construction and manufacturing activities, so today's precipitous drop explains much of the weakness in global equity markets.
    • The iPath Dow Jones UBS Copper Subindex Total Return ETN (NYSEARCA:JJC) is trading so heavily that nearly 60% of the average full-day volume traded in the first 10 minutes this morning.
    • ETFs: CPER, CUPM, DBB, BOM, RJZ, BOS, BDD, JJM, RGRI, UBM, BDG, USMI, HEVY
    | Jan. 14, 2015, 10:28 AM | 5 Comments
  • Mar. 20, 2014, 8:00 AM
    | Mar. 20, 2014, 8:00 AM | 10 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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