iPath DJ-UBS Industrial Metals Total Return Sub-Index ETN (JJM) - NYSEARCA
  • Sep. 12, 2013, 7:48 AM
    • The gathering pace of infrastructure projects and consumers' need to restock will fuel a rebound in China's commodity usage through the end of the year, says Goldman. "People are getting more positive, but they’re not super bullish, not yet,” said Goldman's Julian Zhu. “You’re going to see further upside. If you look at the early indicators in September; it seems like the overall economic activity is picking up."
    • Steel prices in particular are expected to be stronger, says Zhu. Re-bar futures in Shanghai closed at $3,713 per metric ton last night, continuing a 3-month run of higher prices, the longest streak since 2010/11.
    • Broad base metal ETFs: JJM, RJZ, BDG, DBB, UBM, BDD, BOM, BOS, USMI, RGRI.
    • Steel: SLX.
    | Sep. 12, 2013, 7:48 AM
  • Dec. 26, 2012, 6:48 PM

    Can artificial scarcity continue propping up the aluminum market in the face of a production glut? Barclays predicts stockpiles will grow to 8.67M metric tons by the end of 2013. But with about half of all inventories possibly tied up in financing deals, many buyers are having trouble procuring supply, and analysts polled by Bloomberg expect prices to rise 14% next year. The EC recently said it's discussing the issue of premiums caused by financing deals.

    | Dec. 26, 2012, 6:48 PM
  • Nov. 16, 2012, 9:32 AM

    Industrial metals prices are set to rally into the middle of 2013, says Westpac's Justin Smirk, who has the hottest hand in forecasting of late. He's keeping it simple: Easy money in the U.S. and Europe will combine with a rebounding Chinese economy. Copper, zinc, nickel, and aluminum are all headed higher.

    | Nov. 16, 2012, 9:32 AM
  • Jul. 9, 2012, 10:42 AM
    A check of commodity performance (DBC) in H1 shows agricultural commodities (DBA) the top performer, despite steep falls in coffee (JO) and cotton (BAL), as the drought sends grains (JJG) soaring. Leading on the downside are the economically sensitive energy (JJE) and industrial metals (JJM) sectors.
    | Jul. 9, 2012, 10:42 AM
  • Dec. 4, 2011, 4:56 AM

    Graham Tuckwell, who created the first ETFs for gold and oil, is looking to sell his company, ETF Securities, for a potential price of £1B ($1.6B), the FT reports. Tuckwell's decision comes as money pours into gold ETFs and scrutiny increases on the market for the funds.

    | Dec. 4, 2011, 4:56 AM | 1 Comment
  • Sep. 23, 2011, 1:12 PM

    Microscopic Fed rates and opaque information out of China have combined to distort the prices of industrial metals, but fundamentals such as years of rising stock/usage ratios are finally catching up. YTD: Copper JJC -28.5%, Lead LD -25%, Aluminum JJU -14.9%, Nickel JJN -23.7%.

    | Sep. 23, 2011, 1:12 PM
  • Apr. 8, 2011, 12:22 PM
    With QEII making the Fed the marginal buyer of Treasuries, its ending means Bernanke will soon have to hike interest rates in order to attract real money buyers, says Don Coxe. This will put strain on a financial system unable to handle it. Commodities will benefit, as will the loonie, "the new Swiss franc."
    | Apr. 8, 2011, 12:22 PM | 6 Comments
  • Apr. 6, 2011, 7:48 AM

    Expanding its product team by 1/3 and setting up a trading office in Shanghai, Citi (C) gets set for continuation of the commodity boom. "People are looking at commodities as an asset class for diversification," says an asset manager (unsure if that quote was from yesterday or 2008).

    | Apr. 6, 2011, 7:48 AM
  • Apr. 4, 2011, 9:53 AM

    Josh Brown wonders if the coming IPO of commodities giant Glencore won't signal the top in the commodity boom in the same way that the IPO of Blackstone (BX) nearly marked the peak of the private equity/LBO "orgy." Glencore will sell a $10B sliver of itself around the end of April.

    | Apr. 4, 2011, 9:53 AM
  • Feb. 22, 2011, 11:21 AM
    Gold and oil catch bids, but traders are using the events in Libya as an excuse to sell commodity markets, many of which have had remarkable runs. The grains and cotton are particularly hard hit. CORN -3.6%. JJG -3.0%. BAL -4.1%. JJC -1.8%.
    | Feb. 22, 2011, 11:21 AM
  • Feb. 3, 2011, 8:22 AM

    Companies worried about rising commodity prices are stockpiling everything from rubber tires to fabric purchases, but are they insulating themselves from sticker shock or just making the problem worse? (see also)

    | Feb. 3, 2011, 8:22 AM | 7 Comments
  • Jan. 27, 2011, 2:31 PM

    An analyst from Canada's Brockhouse Copper notes that the typically tight relationship between the price of copper on the LME and in Shanghai has broken down. The last 2 times this divergence occurred marked significant tops in the metal's price. JJC +1.1%. FCX -2.8%.

    | Jan. 27, 2011, 2:31 PM
  • Jan. 27, 2011, 10:09 AM

    Unconcerned that China and India are tightening monetary policy, Jim Rogers sees commodities as a win/win investment. “If the world economy gets better, commodities are going to make a fortune. If the world economy does not get better, commodities are the place to be because they are going to print more money."

    | Jan. 27, 2011, 10:09 AM | 4 Comments
  • Jan. 25, 2011, 2:07 PM

    “Does it make sense that you can buy considerable stocks of commodities without running any risk, without blocking any sum, without committing to any cargo delivery," says French President Sarkozy, apparently not briefed on the way futures markets operate.

    | Jan. 25, 2011, 2:07 PM | 11 Comments
  • Jan. 20, 2011, 2:17 PM

    Société Générale sees overheating in China reaching "peak frenzy" in mid-2011, followed by a sudden reversal which could see bank shares fall 50-75% and copper halved. True inflation - measured without the benefit of price controls and rejiggering - is closer to 8%.

    | Jan. 20, 2011, 2:17 PM
  • Jan. 20, 2011, 12:38 PM

    The FTSE 100 -1.82% is the developed world's worst performing market today as worries about a crackdown on growth in China sink commodity prices. With its heavy weighting of resource stocks, the FTSE is "just an option on global growth." (RIO) -3.43%. (BHP) -3.02%. (TUWOY.PK) -4.01%. (XSRAY.PK) -5.45%.

    | Jan. 20, 2011, 12:38 PM
JJM Description
The Dow Jones-UBS Industrial Metals Subindex Total ReturnService Mark is a sub-index of the Dow Jones-UBS Commodity Index Total ReturnService Mark and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the Index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Index is currently composed of four futures contracts on industrial metals, three of which (aluminum, nickel and zinc) are traded on the London Metal Exchange and the other of which (copper) is traded on the COMEX division of the New York Mercantile Exchange.
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