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iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Investment case
Because we think that the copper sell-off will continue a little longer due to the unfriendly macro backdrop (stemming from rising trade tensions) and the soft demand picture in China, we think that investors should wait before going long copper or JJCTF. We see a retest of the January low in the course of Q2.
Sell-off mode since April
Copper has come under renewed downward pressure since the start of Q2, after a stellar performance of 9% in Q1.
Source: LME
The LME 3-month copper price has sold off around 8% since it