Mon, Jan. 26, 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
Wed, Jan. 14, 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
Sep. 30, 2014, 12:07 PM
- The early decline in WTI crude oil has accelerated sharply over the past few minutes, and it's now off 3.5% to $91.25 per barrel, about inline with the lowest pricing seen this year. USO -2.9%
- Moving alongside is heating oil (UHN -1.1%) and gasoline (UGA -3.1%).
- Broad energy ETFs: DBE, RJN, JJE, ONG, RGRE, UBN
- Checking other commodities: Silver (NYSEARCA:SLV) is down 3.4%, Copper (NYSEARCA:JJC) is lower by 1.3%, and Wheat (NYSEARCA:WEAT) is off 1.8%.
- Broad commodity ETFs: DBC, DJP, GSG, RJI, GCC, USCI, GSC, GSP, RGRC, DJCI, LSC, FTGC, DEE, UCI, DYY, CMD, BCM, DDP, UCD, CMDT, SBV, DPU, CSCB, CSCR
Mar. 20, 2014, 8:00 AM
- Metals continue to lead the way down in commodities following the FOMC results and Yellen press conference. Unless something happens to change the Fed's mind, QE will end this fall and rate hikes are starting about one year from today.
- Gold -1.4% to $1,322 per ounce - as recently as Monday, the metal was challenging $1,400. Silver -2.6% to $20.28. Copper -2.2% to $2.92 per pound. Platinum -1% to $1,437 per ounce. Palladium -2.1% to $752. WTI crude oil slips another 0.4% to $98.76.
- Gold's retreat over the last couple of sessions has wiped out all of March's gain.
- ETFs: GLD, SLV, AGQ, IAU, PHYS, SIVR, USLV, PPLT, PALL, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DSLV, DGL, DBS, GLDI, GLTR, PTM, DGZ, SLVO, AGOL, DGLD, DBP, WITE, PGM, TBAR, USV, UBG, JJP, GLDE, GYEN, RGRP, GEUR, GGBP, BLNG, JJC, CPER, CUPM
Mar. 11, 2014, 12:02 PM
- A continued wave of morning selling has brought copper lower by 4.3% on the session to $2.95 per pound, the weakest level since the summer of 2010.
- Copper started the year at $3.40 and its swift decline this week comes amid horrid Chinese export numbers, a plunging price of iron ore, and chatter about defaults and banks calling in loans in China.
- JJC -3.1%
- Other copper ETFs: CPER, CUPM
- Copper producer ETFs: COPX, CU
Mar. 7, 2014, 2:34 PM
- Copper futures slumped to their biggest loss in more than two years as investors worried about slowing growth in China, which accounts for 40% of the world's copper demand.
- Traders were spooked by China's first default on a bond traded in the mainland, which comes amid broader fears about the impact of China's economic slowdown on demand for industrial metals.
- Copper prices have lost 9.2% YTD as signs of faltering growth in China have raised the outlook for a surplus.
- Top publicly traded producer Freeport McMoRan (FCX) -4.8%.
- ETFs: JJC, CPER, CUPM
Mar. 7, 2014, 8:58 AM
- A check of asset markets following what's currently being interpreted as a strong nonfarm payroll report (175K jobs added vs. 154K expected; UE rate up to 6.7%): Flat ahead of the number, stock index futures are up by 0.5%; gold is down 1.1%, silver down 3.2%, copper off 2.9%; the dollar is up a bit, but mostly against the loonie after a weak jobs number in Canada.
- DIA +0.5%, GLD -1%, SLV -2.9%, JJC -3%, UUP +0.15%
- Previously: Treasury yields fly higher after payroll report.
- Related ETFs: GLD, SLV, DIA, AGQ, IAU, PHYS, UUP, SIVR, USLV, ZSL, SGOL, UDN, UGL, DGP, DOG, GLL, DXD, JJC, DZZ, UDOW, UGLD, SDOW, DSLV, DDM, DGL, DBS, GLDI, DGZ, DBV, AGOL, DGLD, SLVO, FORX, TBAR, UDNT, UUPT, USV, UBG, CPER, GLDE, GYEN, CUPM, GEUR, USDU, GGBP
Jan. 10, 2014, 8:58 AM
- Commodities have their tails in the air following the slow payroll number, with gold up 1% to 1,240 per ounce, silver up 2.2% to $20.80, copper gaining 1.2%, and crude oil ahead 1.7% to $93.21.
- With this morning's gain, gold is up more than 3% on the year.
- Related ETFs: GLD, SLV, USO, IAU, AGQ, OIL, PHYS, UCO, SIVR, USLV, ZSL, SGOL, UGL, DGP, SCO, GLL, JJC, DZZ, DBO, DTO, UGLD, DGL, DSLV, DBS, CRUD, DGZ, AGOL, GLDI, DGLD, USL, SLVO, DNO, TBAR, SZO, UWTI, USV, OILZ, UBG, CPER, DWTI, OLO, CUPM, OLEM, TWTI
Nov. 13, 2013, 10:05 AM
- 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.
Jul. 11, 2013, 8:46 AM
Jun. 4, 2013, 2:28 PMCopper rallies (JJC +1%) on expectations of tighter supplies, as the potential rises for an extended shutdown at Freeport McMoRan's (FCX -2.5%) Grasberg copper and gold mining operation in Indonesia. If FCX were to declare force majeure, the shutdown could remove 100K-150K metric tons of copper supply from the market, a sizable chunk out of estimates of 600K-800K metric tons. | Comment!
May. 30, 2013, 3:42 PMLeaders of Indonesia's miners union say they will call on workers not to return to Freeport McMoRan's (FCX +2.3%) Grasberg complex until an investigation behind the tunnel collapse that killed 28 people is completed. The news means copper production could be sidelined for several more weeks, increasing pressure on an already tight market. | Comment!
May. 9, 2013, 3:06 PMThe 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
May. 1, 2013, 10:41 AMCommodities 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
Apr. 26, 2013, 12:06 PMA 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
Apr. 15, 2013, 8:57 AMFreeport 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!
JJC vs. ETF Alternatives
The Dow Jones-UBS Copper 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 includes the contract in the Dow Jones-UBS Commodity Index Total ReturnService Mark that relates to a single commodity, copper (currently the Copper High Grade futures contract traded on the COMEX).
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