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JJC

iPath DJ-UBS Copper Total Return Sub-Index ETN

5/22/2013, 7:17 PM ET

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Wednesday, May 22, 9:06 AM Freeport Indonesia (FCX) remains uncertain when it will restart operations following last week's mining accident, news that has helped push copper prices up 2% in global markets. FCX says it is losing production of ~220K metric tons/day of concentrated ore since the tunnel collapse that killed 28 people. Comment! [Commodities]
Wednesday, May 15, 12:23 PM The tunnel collapse that killed four miners should barely impact global copper supply (JJC) but may spark long-term issues for Freeport McMoRan (FCX +1%), Goldman Sachs says. The shut area represents ~1% of FCX's Indonesian production, but the tragedy could mean strained relationships with unions, tighter government regulation, and questions about a transition of the Grasberg mine from open pit to underground. Comment! [Commodities]
Wednesday, May 15, 10:36 AM China has temporarily halted 1M metric tons/year of primary aluminum (JJC) capacity YTD and could cut another 300K tons capacity before year-end if metal prices remain low, but it won't solve the global glut, CRU consultants say. China is producing at a rate of 24M tons/year of aluminum; its share of global production will exceed 50% by the end of the decade, when it could reach 42M tons - "quite scary," CRU says. (earlier) Comment! [Commodities, Global & FX]
Thursday, May 9, 3:06 PM The dollar (UUP +1%) is soaring across the board (not just against the yen, where it's now spiked through ¥100 to ¥100.56). The greenback is threatening parity vs. the aussie (FXA -1.1%) for the first time since last summer, and the euro (FXE -1.1%), swissie (FXF -1.4%), loonie (FXC -0.5%), and pound (FXB -0.6%) are seeing sizable declines as well. Commodities? Red. Gold (GLD -1.1%), Silver (SLV -1.2%), Oil (USO -0.6%), Copper (JJC -0.8%). 5 Comments [Global & FX, Commodities, On the Move]
Friday, May 3, 5:53 PM Today's jobs report helped juice copper (JJC) prices, which soared 6.8% to stage their biggest single-day gain in 18 months. But copper is still ~10% lower YTD, and perma-bear Al Edwards continues to trust in its ability to serve as an economic indicator. The metal is giving "an early warning that liquidity will not save risk assets: it's time to get out of equities," he warns. 3 Comments [Commodities, U.S. Economy]
Wednesday, May 1, 10:41 AM Commodities are lit up bright red as weak economic data (here and in China) is a good excuse to end the bounce of the last few sessions. Gold (GLD -1.8%), Silver (SLV -3.6%), WTI Crude (USO -2.6%). Copper (JJC -3.3%) moves to its lowest level in about 18 months at $3.08/lb. The metal hasn't had a 2-handle since the start of 2011. Broad commodity gauge (DBC -1.8%). 5 Comments [Commodities, On the Move]
Tuesday, April 30, 3:18 PM The fundamentals remain in place to support copper prices, Southern Copper (SCCO +0.4%) says in its earnings conference call. After its Q1 average price for copper fell ~4.5% Y/Y, SCCO expects a recovery in copper prices on stronger demand, particularly from Asia, in upcoming quarters; it maintains its full-year production guidance of 650K tons of copper. Comment! [Commodities]
Friday, April 26, 12:06 PM A sharp reversal in commodities over the last hour has brought the entire sector into the red. Gold (GLD -0.6%) - looking like it was set to challenge $1,500/oz. an hour ago - is back to $1,452/oz. Silver (SLV -2.3%). WTI crude (USO -1.2%) falls to $92.46. Copper (JJC -1.9%) dives back to $3.18/lb. 13 Comments [Commodities, On the Move]
Monday, April 22, 1:52 PM Goldman Sachs cuts its forecast for copper prices this year, citing rising global stocks and mounting worries regarding China's growth outlook, but says the selloff in Freeport McMoRan (FCX -0.4%) looks overdone. The firm maintains its Buy rating for FCX but lowers its 2013 and 2014 EPS estimates to $3.35 from $4.53 and to $3 from $3.20, respectively. Comment! [Commodities]
Monday, April 22, 7:11 AM Goldman gets bullish on copper albeit at a lower price point. After a 13% YTD decline the selloff is "overdone," according to the investment bank which cut its three-, six-, and 12-month estimates to $7,500, $8,000, and $7,000 per metric ton respectively. Although some demand concerns are warranted given the cooling of China's economy, "underlying cyclical growth is likely stronger than the headline figures suggest." (Previously: a bear market in copper) 1 Comment [Commodities]
Saturday, April 20, 8:25 AM Dr. Copper's diagnosis for the world economy: It isn't well. Copper ended the week wallowing in bear market territory after top copper consumer China reported slower-than-expected economic growth. At this point, weak demand and robust supplies could continue to put pressure on copper prices, or heavy short selling may dry up and spur a strong rebound. 4 Comments [Commodities, Global & FX]
Monday, April 15, 8:57 AM Freeport McMoRan (FCX) is downgraded to Sell from Neutral with a $25 price target, down from $35, at Citigroup, which cuts estimates for 2014 copper pricing by 13% and warns FCX is likely to have "minimal" free cash flow over the next two years. Mining shares are broadly lower premarket following China's slowing GDP growth and commodity selloff; FCX -4.1%. Comment! [Commodities, Quick Ideas, On the Move]
Monday, April 15, 6:57 AM S&P 500 (SPY) futures -0.5%, Nasdaq 100 (QQQ) -0.4% as the liquidation in precious metals continues. Other sensitive commodities: WTI crude (USO) -2.5% to $88.76, and copper (JJC) -3.4% to $3.23. 6 Comments [On the Move]
Monday, April 15, 4:49 AM China'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%. 1 Comment [Global & FX, Top Stories, On the Move, Energy]
Friday, April 12, 10:52 AM A slide in commodity prices turns into a rout: GLD -3.2%, SLV -4.2%, USO -3%, Copper (JJC) -2.2%. At $1,506/oz., gold is threatening a $1,400 handle for the first time in nearly 2 years. After an early bounce, stocks move to session lows, the S&P 500 -0.7%. The long bond gains three-quarters of a full point, its yield down to a 2013 low of 2.93%. Update at 11:05: Now off 4.3%, gold slips below $1,500. 54 Comments [Commodities, On the Move]
Monday, March 25, 10:42 AM Hedge funds are the most bearish ever on copper as global inventories expand to a nine-year high; speculators raised net short positions in U.S. copper futures and options by 53% to nearly 26K contracts in last week. “We’re sitting on unprecedented stockpiles," BMO's Jack Albin says. “Demand has been pretty tepid... In the global economy, we’re seeing improving growth, but it’s still at a slow rate." Comment! [Commodities, Global & FX]

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