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JJCTF - JJCTF: Rally Driven By Tighter Refined Market Conditions Amid A Friendlier Macro Environment
iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Investment case
The iPath DJ-UBS Copper Total Return Sub-Index ETN (OTCPK:JJCTF), which tracks the performance of copper prices, has gained around 4% since our last publication, corroborating our constructive outlook for year-end.
Although we believe that the chief driver behind JJCTF strength has been the increased refined market tightness, we are willing to admit that the notable improvement in macro sentiment, owing to better trade dynamics and signs of global trade stabilization, has also contributed to the rebound in JJCTF.
With both the macro and the fundamentals playing in favour of the