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CUPM vs. ETF Alternatives
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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Monday, Nov 1811:40 AM
Monday, Nov 1811:40 AM| 3 Comments
- Freeport McMoRan (FCX) has agreed to pay nearly a third more in annual processing charges to China's leading copper smelters, likely increasing the pressure on rival BHP to raise its own offer on the charges, Reuters reports.
- China's top copper producer reportedly agreed with FCX to treatment and refining charges of $92/metric ton and $0.092/lb. for term copper concentrate shipments in 2014, setting the benchmark for the region, vs. $70/metric ton and $0.07/lb. charged by the smelters from Freeport this year.
- BHP, whose opening offer of $80 and $0.08 offer to Chinese smelters last week now looks low, is meeting the smelters for a second round of talks this week.
- ETFs: JJC, CPER, CUPM.
Wednesday, Nov 1310:05 AM
Wednesday, Nov 1310:05 AM| 3 Comments
- Copper futures tumble to their lowest level in more than three months on concerns about the pace of Chinese economic growth; December futures fall more than $0.06 (-2%) to $3.17/lb., hitting their lowest level since late July.
- Copper and other base metals are suffering from rumors that the China will lower its 2014 growth target to 7%, says Commerzbank commodities strategist Eugen Weinberg.
- Meanwhile, China's eagerly awaited Third Plenum offered little support for markets, outlining only vague economic goals.
- ETFs: JJC, CPER, CUPM.
- U.S.-traded copper miners: FCX -0.8%, SCCO -1.8%, TCK, GMO, SVBL, TLR.
Sunday, Jul 282:27 PM
Sunday, Jul 282:27 PM| 3 Comments
- BHP Billiton (BHP) is betting strong returns from its copper business, even though copper prices are unlikely to rise in the near term, CEO Andrew Mackenzie says in an interview today.
- The China shift to a consumer-led economy from a construction-led economy will reduce demand, but it might not be as bad as had been thought. "I don't like to comment on prices, but we have to prepare for a copper outlook around the current price, or perhaps a bit lower, that is around $3 per pound," he says.
- Copper ETFs: JJC, CPER, CUPM
- U.S.-traded copper miners: SCCO, FCX, TCK, GMO, SVBL, TLR
Monday, Apr 154:49 AMChina's GDP miss and disappointing industrial production data are sending global equity markets lower, as well as copper and oil, which is also suffering from the IEA slightly cutting its demand outlook last week. Japan -1.6%, Hong Kong -1.4%, China -1.1%, India +0.6%. EU Stoxx 50 -0.2%, London -1%, Paris -0.8%, Frankfurt -0.8%, Milan -0.2%, Madrid -0.4%. Oil -2.4%, copper -1.5%. |Monday, Apr 154:49 AM| 1 Comment
Wednesday, Jul 182012, 5:53 PMAnalysts are slashing predictions of a copper glut as producers from Chile to Indonesia contend with aging mines and strikes at a time of record demand. The global surplus will total 18.5K metric tons, according to a Bloomberg survey, 85% less than a January forecast of 124K tons; the survey also says prices will rally as much as 14% to $8,700/ton by year's end. |Wednesday, Jul 182012, 5:53 PM| 2 Comments
Friday, Jun 82012, 5:54 PMCopper closed the week at a six-month low, as traders shed their initial positive reaction to China's rate cut to focus on the move as a sign of weak Chinese economic growth. Barclays says any boost in demand from Beijing’s pro-growth measures might not be felt until Q4, and the “magnitude of support... is not seen as being anywhere near the same scale as the stimulus of 2008-09." |Friday, Jun 82012, 5:54 PM| Comment!
Wednesday, May 302012, 7:38 AMShort-covering of copper by Chinese firms may actually be driving the world price lower as the country's largest producer is exporting the metal to LME warehouses to cover its shorts. The move makes sense as the sluggish economy has dragged the price of copper lower in China than at the LME. |Wednesday, May 302012, 7:38 AM| Comment!
Friday, May 252012, 3:50 PMU.S. Commodity Funds is cutting the management fee on its Copper Index Fund (CPER) by 31.5% to better compete against iPath's Pure Beta Copper ETN (CUPM). Both funds are tiny - less than $3M in assets (JJC is the gorilla in the sector) - but CPER is an ETF as opposed to the ETN structure of the other offerings. |Friday, May 252012, 3:50 PM| Comment!
Monday, May 142012, 3:43 AMAfter commodities hit nearly two-year lows last week, investors are wondering whether the decade-long rally is over. Various headwinds prevail, including a slowdown in China, a U.S. economy that has yet to regain its momentum, and temporary supply gluts for some raw materials. |Monday, May 142012, 3:43 AM| 4 Comments
Thursday, May 32012, 4:50 PMWith LME copper stocks at their lowest level since 2008 and China bursting with the stuff amidst lower domestic demand, the country is set to export large amounts of the metal over the coming months. Analysts believe there are 500-600K tons of the copper in Shanghai warehouses being used as loan collateral (total 2012 mine supply will be 240K tons). |Thursday, May 32012, 4:50 PM| 2 Comments
Monday, Apr 232012, 4:33 PMWeakening manufacturing in China and the eurozone spelled lower prices for copper, as the industrial metal fell 2% to settle at $3.626/pound for its lowest ending price since Jan. 11. Add diminished expectations for imminent QE from the Fed, and prices could continue to fall from here, TD Securities’ Bart Melek says. |Monday, Apr 232012, 4:33 PM| Comment!
Thursday, Apr 192012, 8:30 AMMore on Freeport McMoRan (FCX): This can be a tough business sometimes as costs don't pay attention to the price of the metal being mined: Q1 cash costs $1.26/lb. vs.$0.79 a year ago, costs for 2012 expected to be $1.43. Earnings off 49% Y/Y. Shares +1% premarket. (PR) |Thursday, Apr 192012, 8:30 AM| Comment!
Sunday, Apr 152012, 9:22 PMStruggling to lift output even with near-record prices, Chile's Codelco - the world's top copper producer (accounts for 1/3 of global supply) - was forced to buy the metal from outside sources to meet delivery contracts earlier this year. The purchases were small when measured against Codelco's total production, but imagine Saudi Arabia needing to buy crude to meet its deliveries. |Sunday, Apr 152012, 9:22 PM| 6 Comments
Friday, Apr 132012, 8:51 AM
Thursday, Apr 122012, 2:49 PM
Tuesday, Feb 142012, 6:24 AMBHP (BHP) and Rio Tinto (RIO) are to invest a combined $4.5B to expand the Escondida mine in Chile, the world's largest copper mine, as they look to boost output to meet the growing demands from China and other emerging nations. BHP also plans to reopen its idled Pinto Valley mine in Arizona. (Rio PR, BHP PR .pdf) |Tuesday, Feb 142012, 6:24 AM| Comment!