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iPath Bloomberg Copper Subindex Total Return Sub-Index ETN
Investment case
While we think that Chinese copper demand has surprised on the downside so far this year, we believe that it will pick up in the second half of the year. In a context of an already tight refined market due to constrained refined production growth, we believe that copper prices will move higher in the second half of the year, despite the US-China trade/tech spat.
Against this, we believe that the iPath DJ-UBS Copper Total Return Sub-Index ETN (JJCTF), which replicates the performance of copper prices, constitutes a buying opportunity.