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iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Investment case
Our initial bullish view on the iPath DJ-UBS Copper Total Return Sub-Index ETN (OTCPK:JJCTF), which tracks the performance of copper prices, has been abruptly defied by the COVID-19 crisis.
The substantial sell-off in JJCTF in Q1 was driven by both negative macro and fundamental factors at play. The COVID-19 outbreak triggered a massive wave of deleveraging, pushing all commodity prices lower. Copper's fundamentals deteriorated because the abrupt halt of economic activity in China resulted in a massive decline in consumption.
JJCTF dropped to $20/share on April 1, which was the max