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JJCTF - JJCTF: Chinese Refined Copper Demand Is Finally Picking Up
iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Investment thesis
The collection of downstream indicators relevant to the Chinese copper market points to a pick-up in domestic refined demand conditions since late Q3, which is consistent with the ongoing decline in domestic visible inventories and the rise in physical premia.
This suggests that refined market conditions in China have become tighter since September, which should underpin a rebound in copper prices in the months ahead.
In this regard, we reiterate our short-term constructive view on JJCTF, with a Q4-19 target at $32.00 per share.