United States Copper Index Fund ETV에 대한 매도 수량은 투자자에게 United States Copper Index Fund ETV의 주식 하락에 베팅하는 정도를 알려줍니다. 매도 수량 데이터는 2주마다 업데이트됩니다.

United States Copper Index Fund ETV (ARCA:CPER), 공매도 수량 보고

USCF Investments

The investment seeks the daily changes in percentage terms of its shares' per share net asset value ("NAV") to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total ReturnSM (the "SCI"), less CPER's expenses. The fund seeks to achieve its investment objective by investing in the Benchmark Component Copper Futures Contracts. The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the Commodity Exchange, Inc. exchange ("COMEX").

United States Copper Index Fund *

Long Ideas

Specialty ETFs

Commodities

Markets

Trading Ideas

ETFs

COPX

CPER

ICOP

LUNMF

TECK

전 세계가 전기화된 미래로 나아가면서 구리 시장은 중요한 기로에 서 있다. JP모건의 애널리스트인 패트릭 존스(Patrick Jones), 그렉 시어러(Greg Shearer) 및 빌 피터슨(Bill Peterson)의 통찰은 구리 가격에 대한 단기적인 장애물과 전기차 및 공급 동태의 변화에 의해 주도되는 화려한 장기 전망을 제시한다.

구리의 고공행진: EV, 신기술이 이 금속의 다음 대혁명을 이끌 수 있을까?

United States Copper Index Fund ETV

As the world hurtles toward an electrified future, the copper market <a href="https://www.benzinga.com/topic/copper">stands at a crossroads</a>. 
Insights from JPMorgan analysts Patrick Jones, Greg Shearer and Bill Peterson paint a complex picture: short-term hurdles for copper prices, but a glittering long-term outlook driven by electric vehicles and evolving supply dynamics.
This could seem as good news for those invested in United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), iShares Copper and Metals Mining ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>) for the long-term.
<h2 class="wp-block-heading">EV Boom: Supercharging Copper Demand</h2>
The electric vehicle revolution is set to electrify copper demand. JPMorgan predicts copper usage in EVs will more than double from 1.4 million metric tons in 2023 to 3 million by 2030. While some worry that technological advances like thinner copper anode foils could dampen demand, the analysts argue otherwise. 
Larger EV sizes and a pivot toward lithium-iron-phosphate (LFP) batteries — which are more copper-intensive — are expected to drive long-term growth.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41337566/trump-2-0-trade-policies-could-hit-copper-stocks-harder-warns-jpmorgan-analyst">Trump 2.0 Trade Policies Could Hit Copper Stocks Harder, Warns JPMorgan Analyst</a>
<h2 class="wp-block-heading">New Technologies: Leaching A Lifeline?</h2>
Leaching technologies are generating buzz, but can they revolutionize copper supply? Not yet, say the analysts. While projects from major miners like Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) are on the horizon, these advancements are unlikely to offset supply declines before 2030.
At best, leaching could add 550,000 metric tons annually, just 2% of global supply.
<h2 class="wp-block-heading">Scrap &amp; Recycling: The Unsung Hero?</h2>
Recycling is a crucial cog in the copper machine, accounting for about 17% of refined supply in 2024, up from 14% in 2020. JPMorgan forecasts scrap supply will grow by 5-6% annually, faster than historical rates, yet insufficient to bridge the long-term deficit. Recycling alone won't solve copper's supply crunch.
<h2 class="wp-block-heading">Near-Term Risks, Long-Term Rewards</h2>
JPMorgan warns of near-term risks from macroeconomic pressures, particularly a potential devaluation of the Chinese yuan to 7.8 to 8.0 per U.S. dollar. This could lead to a 12-15% dip in copper prices, presenting headwinds for equities. However, the analysts remain bullish on the long-term trajectory, underpinned by a looming supply-demand gap.
Their picks? 
Lundin Mining Corp (OTCPK: LUNMF) leads in EMEA, while Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) tops the Americas. Asia-Pacific favorites include Zijin Mining and Merdeka Copper, with caution advised on Jiangxi Copper and Sandfire Resources.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41877899/trump-re-election-jolts-metals-market-as-gold-sees-a-stumble-not-a-sea-change">Trump Re-Election Jolts Metals Market As Gold Sees A &#8216;Stumble, Not A Sea Change&#8217;</a></li>
</ul>
Image: Shutterstock

Copper's High-Wire Act: Can EVs, New Tech Power The Metal's Next Big Surge?

The re-election of Donald Trump <a href="https://www.benzinga.com/markets/commodities">has metals markets</a> looking a little like a shaken-up snow globe—chaotic and swirling. 
While some metals might be facing a rocky road, JPMorgan's Commodities Research team, led by Greg Shearer, sees gold as holding strong through the turbulence, calling recent gold action a "stumble not a sea change."
Here's the JPMorgan breakdown on what to watch in metals as this political shift unfolds.
<h2 class="wp-block-heading">"Timing and Sequencing Will Be Critical" For Base Metals</h2>
As tariff tensions escalate, Peterson and his team emphasize that "policy timing and sequencing will be critical." They anticipate that China's response will likely be "a more reactive mechanism" once tariffs are in place, rather than a proactive approach. In practical terms, this suggests that the market may start to factor in "risk premia" in the weeks ahead.
Traders should buckle up as base metals brace for near-term turbulence, holding off for now on any major plays.
Investors in base metal ETFs such as the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) and the Invesco DB Base Metals Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DBB#NYSE">DBB</a>) should remain wary of their holdings.
The analysts say one metal could break the trend, though: aluminum. With supply issues dogging the bauxite market, aluminum has an "idiosyncratic fundamental support" that could "significantly mitigate bearishness from a weaker CNY." So, while aluminum may stay relatively resilient, other base metals might be taking a temporary backseat.
Read Also: <a href="https://www.benzinga.com/markets/commodities/24/11/41793159/trumps-victory-a-tailwind-for-domestic-steel-risk-for-canada-say-analysts">Trump&#8217;s Victory A Tailwind For Domestic Steel, Risk For Canada, Say Analysts</a>
<h2 class="wp-block-heading">Gold: The "Debasement Trade" Keeps The Glitter</h2>
Gold experienced a dip following the election, but JPMorgan sees this as a temporary setback rather than a major shift. With potential U.S. fiscal challenges and rising inflation concerns, Peterson anticipates gold will perform strongly in the coming years, projecting it could reach $2,850 per ounce by late 2025.
This "debasement trade" may make gold the go-to hedge as the new administration's policies take shape, especially as inflationary pressures bubble up.
This may bode well for investors in the SPDR Gold Shares ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) and the iShares Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAU#NYSE">IAU</a>).
<h2 class="wp-block-heading">The Yuan Factor: Copper's Achilles' Heel?</h2>
Another key factor here is the yuan (CNY). If Trump's policies lead to further yuan depreciation—potentially up to 7.40 or even 7.8, according to JPMorgan's FX strategists—copper prices could see a roughly 5% hit, dragging prices down to around $9,000 per metric ton.
Aluminum, again, may be shielded somewhat by those supply issues, but other base metals could be feeling the squeeze.
<h2 class="wp-block-heading">Gold Glimmers While Base Metals Hold Their Breath</h2>
For the metals market, Trump's second term brings headwinds and a few golden highlights. 
While base metals might see some strategic waiting time, aluminum could be one of the few to withstand the early hits. 
Gold, meanwhile, has the long game in sight, with JPMorgan's "debasement trade" fueling bullish forecasts.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41810728/jpmorgan-predicts-strong-performance-for-bitcoin-and-gold-under-trump-presidency">JPMorgan Predicts Strong Performance For Bitcoin And Gold Under Trump Presidency</a></li>
</ul>
Photo: Shutterstock

Analyst Color

Analyst Ratings

Trump Re-Election Jolts Metals Market As Gold Sees A 'Stumble, Not A Sea Change'

Copper stocks, like Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) and Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>), may face another turbulent period if Donald Trump <a href="https://www.benzinga.com/topic/donald-trump">returns to office.</a>
JPMorgan analyst Bill Peterson warns that Trump 2.0&#8217;s trade policies could deal an even more significant blow than his first term.
<h2 class="wp-block-heading">Trump 1.0 Vs. Trump 2.0: Higher Stakes, Bigger Tariffs</h2>
During Trump&#8217;s presidency, the 2018 trade war slapped a 25% tariff on Chinese imports, leading to a sharp downturn in metal prices and causing global mining stocks to fall by over 10%.
Copper, a key indicator of global economic health, was hit hard as fears of slowing demand and higher costs rippled through the markets. The United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) serves as a performance barometer for copper as a commodity. The Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>) tracks the equity of copper miners, with its top holdings including KGHM Polska Miedz SA (OTCPK:KGHPF), First Quantum Minerals Ltd (OTCPK:FQVLF), Teck Resources and Freeport-McMoRan.
Peterson said that if Trump returns to the White House, his proposed Trump 2.0 policies could increase tariffs on Chinese imports to 60%, a significant escalation that would amplify trade tensions.
He suggests that while China&#8217;s share of U.S. imports has dropped from over 21% in 2018 to under 14% in 2023, the sheer size of the tariff increase could lead to even more significant disruptions in global copper demand, potentially increasing the impact by 40%.
Read Also: <a href="https://www.benzinga.com/news/large-cap/24/10/41176539/vale-plans-to-expand-copper-output-invests-184m-for-domestic-critical-minerals">Vale Plans To Expand Copper Output, Invests $184M For Domestic Critical Minerals</a>
<h2 class="wp-block-heading">The Great Copper Rollercoaster: Boom, Bust, Repeat?</h2>
Comparing the two periods, Trump's 2016 election win initially buoyed copper stocks, with investors optimistic about deregulation and infrastructure spending. 
However, the optimism quickly faded as the trade war unfolded in 2018, causing copper prices and related stocks to plunge. A similar pattern could unfold under Trump 2.0: a post-election boost followed by another painful downturn if tariffs escalate, according to the analyst.
Adding further uncertainty, Peterson points to upcoming Federal Reserve rate cuts.
<h2 class="wp-block-heading">History&#8217;s Lesson: Copper Tariffs Are Trouble</h2>
Historically, industrial metals like copper have underperformed following rate-cutting cycles, with the Bloomberg Industrial Metals Index typically falling 6% on average within nine months of cuts. 
Despite being long-term bullish on copper due to structural demand, Peterson advises caution in the near term, as macro risks remain significant.
The lesson from Trump 1.0 is clear: tariffs led to a steep decline in copper equities, and Trump 2.0's aggressive stance could trigger a similar or even worse outcome for the sector.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/commodities/24/10/41295764/copper-rebounds-as-chinas-stimulus-boosts-market-sentiment-but-us-elections-loom-large">Copper Rebounds As China&#8217;s Stimulus Boosts Market Sentiment, But US Elections Loom Large</a></li>
</ul>
Photo: Shutterstock

FQVLF

KGHPF

Trump 2.0 Trade Policies Could Hit Copper Stocks Harder, Warns JPMorgan Analyst

Market Summary

General

Benzinga Market Summary: VP Harris Opposes Sale Of US Steel To Nippon Steel, Wells Fargo Downgrades Boeing, Copper Falls

The growing trend of hybrid electric vehicle (HEV) adoption is poised to reshape the landscape for <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39063832/as-ev-adoption-stalls-due-to-chicken-and-the-egg-situation-hybrids-race-ahead">essential raw materials</a>.
Bill Peterson from JPMorgan outlines how this shift impacts the demand for lithium, rare earths, copper and aluminum.
For investors, this shift comes with significant implications in related ETFs such as the Global X Lithium &amp; Battery Tech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LIT#NYSE">LIT</a>), Amplify Lithium &amp; Battery Technology ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BATT#NYSE">BATT</a>), WisdomTree Battery Value Chain and Innovation Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WBAT#NYSE">WBAT</a>) and the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>).
<h3 class="wp-block-heading">Lithium and Rare Earths: Balancing Act</h3>
The demand for lithium and rare earths is projected to decline due to lower battery electric vehicle (BEV) sales. BEVs traditionally contain a higher content of these materials. 
While HEVs and plug-in hybrid electric vehicles (PHEVs) are set to increase, their cumulative demand for lithium and rare earths won&#8217;t fully offset the drop from BEVs.
Related: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/39063832/as-ev-adoption-stalls-due-to-chicken-and-the-egg-situation-hybrids-race-ahead">As EV Adoption Stalls Due To &#8216;Chicken And The Egg&#8217; Situation, Hybrids Race Ahead</a>
This nuanced demand scenario should be closely monitored by investors in Lithium Americas Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAC#NYSE">LAC</a>), Piedmont Lithium Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) and MP Materials Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>). 
These companies remain crucial due to the limited domestic supply sources in the US and the prioritization of IRA-qualified materials.
ETFs such as LIT, BATT and WBAT are also sensitive to changes in lithium and rare earth market dynamics.
Investors in these companies and related ETFs should note the strategic value and geopolitical factors at play, which could sustain their market positions despite shifting demand forecasts.
<h3 class="wp-block-heading">Copper: A Shining Opportunity</h3>
Contrary to the trend in lithium and rare earths, copper demand is expected to rise due to higher HEV and PHEV sales. 
While these vehicles use less copper per unit compared to BEVs, their increasing numbers will result in a net demand increase.
Investors in the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) should find this particularly relevant, as copper&#8217;s uplift in demand could positively influence market prices and the fund&#8217;s performance.
Aluminum demand is unlikely to see significant long-term changes. 
However, potential short-term supply and demand fluctuations could arise if hybrid vehicle trends evolve as projected. This stability is noteworthy for those considering investments in broader commodity ETFs and funds that include aluminum exposure.
<h3 class="wp-block-heading">Investor Implications</h3>
For investors in ETFs such as LIT, BATT, WBAT and CPER, the evolving hybrid vehicle market presents both challenges and opportunities. Monitoring the demand trends for these critical metals and adjusting portfolios accordingly could enhance investment strategies and returns.
As hybrid vehicles gain traction, the demand dynamics for lithium, rare earths, copper and aluminum are set to shift. Copper stands out with a positive demand outlook, while lithium and rare earths face a more complex scenario.
Strategic domestic suppliers such as Lithium Americas, Piedmont Lithium Inc and MP Materials Corp are well-positioned despite these shifts, offering potential stability for investors.
Read Next: <a href="https://www.benzinga.com/etfs/sector-etfs/24/02/37203815/ev-battery-metal-market-faces-downturn-as-prices-plummet-whats-next-for-the-industry">EV Battery Metal Market Faces Downturn As Prices Plummet: What&#8217;s Next For The Industry?</a>

Sector ETFs

BATT

Market Vectors Rare Earth/Strategic Metals Etf

REMX

WBAT

Hybrid Vehicle Adoption: Key Implications For Lithium, Rare Earths, Copper And Aluminum Investors

Macro Economic Events

WIIM

Economics

Copper is trading higher, possibly amid Chinese measures to support the property sector.

Last week witnessed the largest collective loss for the &quot;Magnificent Seven&quot; technology-related stocks, with a total of $950 billion erased from their market capitalizations, as quoted on MarketWatch. This figure surpasses the previous record loss of $872 billion in January 2022.
High inflation, talks of higher-for-longer interest rates in the United States, flare-ups in geopolitical crisis and receding euphoria about AI investments weighed on risk-on trade sentiments. High-growth stocks were especially marred by a surge in interest rates.
Overall, the S&amp;P 500 lost 3.1%, the Dow Jones advanced 0.01% and the Nasdaq plummeted 5.5%, respectively. The benchmark U.S. treasury yield started the week at 4.63%, hit a closing high of 4.67% on Apr 16 and ended the week at 4.62%.
<h3>Individual Performances of Key Players of &quot;Magnificent Seven&quot;</h3>
&nbsp;&nbsp;&nbsp; Tesla Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>): Leading the decline in percentage terms, Tesla&#39;s stock slumped by 14%, reducing its market cap by $76 billion and losing its ranking among the largest U.S. companies.
&nbsp;&nbsp;&nbsp; Nvidia Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvda#NASDAQ">NVDA</a>): Experiencing the most significant absolute loss, Nvidia&#39;s market cap plunged nearly $300 billion due to a weekly stock drop of 13.6% and a historical single-day decline of 10% on Apr 19, 2024.
&nbsp;&nbsp;&nbsp; Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>) and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>): Both companies contributed significantly to the overall loss, with Apple shedding $178 billion and Microsoft $169 billion in market value.
&nbsp;&nbsp;&nbsp; Amazon.com (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>): Amazon lost $118 billion in market cap after a decline of 2.56% in its stock price.
&nbsp;&nbsp;&nbsp; Alphabet Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/googl#NASDAQ">GOOGL</a>): Alphabet saw a reduction of $41 billion from its market valuation.
&nbsp;&nbsp;&nbsp; Meta Platforms (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>): Meta&#39;s market cap fell by $68 billion during the week.
<h3>Semiconductor Market Crash</h3>
The semiconductor sector, particularly impacted by these losses, saw a broader &quot;unwind&quot; according to industry analysts, per a MarketWatch article. Nvidia&#39;s record losses indicate the intense pressure faced by chipmakers, suggesting the likelihood of a sustained downturn in the sector.
There was also ASML Holding&#39;s (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asml#NASDAQ">ASML</a>) &mdash; a world leader in the manufacture of advanced technology systems for the semiconductor industry &mdash; announcement of a steep decline in bookings during the first quarter, catching investors off guard last week.
The news was crucial for the chip industry as ASML&#39;s key customers include TSMC, Samsung and Intel (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/intc#NASDAQ">INTC</a>), the world&#39;s top processor foundries, which, in turn, make chips for AMD (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>), Nvidia, Qualcomm and Apple, per CNBC.
<h3>Heightened Volatility in Wall Street</h3>
There was heightened volatility and uncertainty in the market due to concerns over high price inflation and potential shifts in Federal Reserve policy. There were stricter remarks from Atlanta Fed president Raphael Bostic that reinforced worries about interest rate cuts not happening until the end of the year. Bond yields rose accordingly and mortgage rates topped 7%.
<h3>Upbeat U.S. Retail Sales Data</h3>
U.S. retail sales were better than expected in March after returning to a growth trajectory in February. On Apr 15, the Department of Commerce reported that retail sales grew 0.7% month over month in March, well above the consensus estimate of 0.3%. Moreover, February&#39;s data was revised upward to an increase of 0.9% from 0.6% reported earlier.
Year over year, retail sales increased 3.6% in March. Core retail sales (excluding auto) grew 1.1% month over month in March, well above the consensus estimate of 0.5%. Moreover, February&#39;s data was revised upward to an increase of 0.6% from 0.3% reported earlier.
<h3>ETFs in Focus</h3>
Against this backdrop, below we highlight the winning ETFs of last week.
AXS Short Innovation Daily ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sark#NASDAQ">SARK</a>) &ndash; Up 10.6%
The AXS Short Innovation Daily ETF seeks daily inverse investment results and is intended to be used as a short-term trading vehicle. The fund charges 75 bps in fees.
Roundhill Daily Inverse Magnificent Seven ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/magq#NASDAQ">MAGQ</a>) &ndash; Up 8.3%
The Roundhill Daily Inverse Magnificent Seven ETF seeks daily investment results, before fees and expenses, that correspond to the inverse of the performance of the Roundhill Magnificent Seven ETF. The fund charges 95 bps in fees.
USCF Aluminum Strategy Fund (ARCA:ALUM) &ndash; Up 7.2%
The USCF Aluminium Strategy Fund seeks investment results that generally correspond over the long term to the performance of the price of aluminum. The fund charges 65 bps in fees.
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (ARCA:BCIM) &ndash; Up 6.2%
The underlying Bloomberg Industrial Metals Subindex consists of 4 commodities, which are weighted 2/3 by trading volume and 1/3 by world production with an additional criteria of global economic significance. The fund charges 40 bps in fees.
United States Copper Index Fund (ARCA:CPER) &ndash; Up 5.2%
The underlying SummerHaven Copper Index Total Return reflects the performance of the investment returns from a portfolio of copper futures contracts on the COMEX exchange. The fund charges 97 bps in fees.
<a href="https://www.zacks.com/stock/news/2258961/etf-winners-amid-last-week-s-record-loss-in-magnificent-7?cid=CS-BENZ-FT-etf_news_and_commentary-2258961">To read this article on Zacks.com click here.</a>

News

Federal Reserve

Tech

AAPL

ALUM

AMZN

ASML

BCIM

GOOGL

INTC

MAGQ

MSFT

NVDA

SARK

TSLA

ETF Winners Amid Last Week's Record Loss in "Magnificent 7"

China is no longer building fossil fuel power stations at the rate of two a week, as the world opts for <a href="https://www.benzinga.com/topic/clean-energy">greener energy options</a>.
Still, the metals needed to achieve these goals will surge again, according to Patricia Mohr, commodities expert and a former vice president at Scotiabank.
Mohr told Benzinga&#8217;s Melanie Schaffer that the green transition could see prices for certain commodities spike.
Speaking at the recent Prospectors And Developers Association of Canada (PDAC) conference in Toronto, Mohr said she was especially bullish on both copper and uranium.
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&#8220;In the mining space we think copper is going to do very well — currently trading around $4 a pound, I think in a couple of years it will move above $5 a pound, which will be quite a profitable level,&#8221; she said. &#8220;We need to see that level because we need to see investment in some new mines established around the world to meet the decarbonization goals the world now has.&#8221;
Copper is used heavily in the production of electricity — whether that be in fossil fuel-guzzling power stations or wind and solar farms. The copper is used in turbines that convert rotational energy into electric energy. In fact, more copper is used in wind and solar energy production than in traditional fossil fuel stations.
It&#8217;s akin to when China&#8217;s tiger economy was growing at double-digit percentages every year throughout the 1990s. This required expansion across power and housing. Thus, the price of copper and many other industrial metals reached record highs during the commodity super-cycle well into the early 2010s.
&#8220;With copper, there have been a lot of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37852494/copper-stocks-rally-as-market-tightness-reaches-historic-levels-analysts-see-major-">operational problems</a>,&#8221; Mohr said
These have included the shutdown of First Quantum&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FQVLF#OTC">FQVLF</a>) Cobre mine in Panama, which was ordered by the Panama government late last year after public protests over environmental concerns 
There have also been production issues with other mining groups, such as Anglo American Plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>), resulting in lower copper output forecasts for the year.
&#8220;We&#8217;re not seeing a lot of new investment — there is some expansion in capacity, but not as much as the market had expected six months ago. So the market is going to jump in the next year and a half and it will prove to be a very good investment.&#8221;
The United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>), an ETF that tracks the price of copper, is up nearly 5% so far in 2024, while the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>), which holds the top copper mining stocks, is up 8.8%.
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37852494/copper-stocks-rally-as-market-tightness-reaches-historic-levels-analysts-see-major-">Copper Stocks Rally As Market Tightness Reaches Historic Levels: Analysts See Major Scarcity By 2025</a>
<h3 class="wp-block-heading">Going Nuclear On Uranium</h3>
Global environmental targets are igniting renewed interest in the nuclear option. 
Following the Fukushima disaster in Japan in 2011, when an earthquake caused the release of nuclear contaminants from a power station into the surrounding environment, some countries decided to cut their dependence on nuclear power. 
Germany decided to go nuclear-free, but many countries, given the current supply risks of other fuels such as oil and gas, have revisited their nuclear policies.
 &#8220;We&#8217;re bullish on uranium — an energy source that emits almost no greenhouse gases. It&#8217;s a very clean energy source. Governments around the world are beginning to show interest in nuclear power once more — including in Canada&#8221; said Mohr.
Mohr explained that uranium has been on something of a run. After hitting lows around $15 a pound in 2016, the price is currently $85, having hit more than $100 in January.
&#8220;I wouldn&#8217;t be surprised to see it reach its previous peak of $140 (hit in May 2007) — I think it&#8217;s going to turn out to be a good investment.&#8221;
This week the Global X Uranium ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URA#NYSE">URA</a>), an exchange-traded fund that tracks global uranium miners, is flat in 2024.
<h3 class="wp-block-heading">Lithium Driven Lower</h3>
While lithium prices have tanked in the past year as demand for electric vehicles appears to have hit a plateau, Mohr is now becoming more bullish, given the lower entry price.
&#8220;I do think EVs are the future, but in the U.S. it&#8217;s coming on more slowly. In the U.S. they&#8217;re not concerned about the global outlook for oil because they are the biggest oil producer,&#8221; she said.
She added: &#8220;Lithium took quite a tumble last year so I think some investors will come back in to take advantage of low valuations and the price will come back slowly.&#8221;
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37824586/gas-prices-set-for-summer-spike-west-coast-consumers-already-paying-more-than-4-a-g">Gas Prices Set For Summer Spike: West Coast Consumers Already Paying More Than $4 A Gallon</a>
Image via Shutterstock

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Exclusives

Interview

NGLOY

EXCLUSIVE: Green Transition Will Drive Copper, Uranium And Lithium Higher, Says Veteran Commodity Analyst

Throughout November, financial markets experienced a significant upswing, with both stocks and<a href="https://www.benzinga.com/markets"> bonds on the rise. </a>
This surge was primarily driven by investors increasing their bets on potential Federal Reserve rate cuts in the upcoming year. Inflation continues to cool and Fed policymakers lean <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36028726/we-are-now-at-the-soft-landing-economists-markets-react-to-subdued-pce-inflation-da">toward more dovish remarks. </a>
This optimism was reflected across various segments of the market. Let&#8217;s break down the top-performing exchange-traded funds (ETFs) across various asset classes, including country equities, U.S. equity sectors, thematic equities, bonds, and commodities. 
<h2 class="wp-block-heading">Best Country ETFs In November</h2>
<ol>
<li>Global X MSCI Argentina ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARGT#NYSE">ARGT</a>) up 31.5%: Topping the list, the ARGT ETF experienced a remarkable surge, buoyed by the electoral victory of ultra-liberalist Andrei Milei in Argentina. This political shift sparked a wave of bullish sentiment in Argentine stocks.</li>
<li>iShares MSCI Israel ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIS#NYSE">EIS</a>) up 16.6%: Israeli equities also witnessed substantial growth. This rise was supported by a stabilization in the shekel, thanks to the intervention by the Bank of Israel following the start of conflict with Hamas. </li>
<li>iShares South Korea ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWY#NYSE">EWY</a>) up 14.5%: South Korean stocks rallied following the financial regulator&#8217;s decision to re-impose a full ban on short-selling, providing a boost to the market.</li>
</ol>
Chart: ARGT ETF Posted Its Best-Performing Month In November
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png" alt="" class="wp-image-153399" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165432/ARGT_2023-11-30_20-53-59_604c5.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best U.S. Equity Sector ETFs In November</h2>
<ol>
<li>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) up 12.2%: The technology sector emerged as the front-runner in November. This uptrend is linked to the improved investor outlook and the anticipated decline in Federal Reserve interest rates.</li>
<li>Real Estate&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) up 11.9%: Real estate stocks also rallied in response to expectations of lower interest rates next year, which could provide a much-needed respite to a sector that has been severely hit by the elevated mortgage rates. </li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) up 10.5%: The financial sector, particularly bank stocks, showed robust gains, fueled by the prospect of increased lending activity amid borrowing costs next year.</li>
</ol>
Read also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/11/36029153/chilling-2024-s-p-500-outlook-why-jpmorgan-analysts-project-nightmare-scenario-for-">Chilling 2024 S&amp;P 500 Outlook: Why JPMorgan Analysts Project Nightmare Scenario For Stocks</a>
<h2 class="wp-block-heading">Best Thematic ETFs In November</h2>
<ol>
<li>ARK Innovation ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#NASDAQ">ARKK</a>) up 31.4%: Cathie Wood&#8217;s flagship fund, ARKK, recorded its best month since inception, driven primarily by a rally in crypto-related companies and tech startups.</li>
<li>Spear Alpha ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPRX#NASDAQ">SPRX</a>) up 22.87%: SPRX also showed significant gains, benefiting from the overall positive market sentiment towards tech stocks. </li>
<li>Amplify Thematic All-Stars ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MVSP#NYSE">MVSP</a>) up 18.8%</li>
</ol>
Chart: November 2023 Was Cathie Wood&#8217;s ARKK ETF Best Performing Month Ever 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="723" src="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png" alt="" class="wp-image-153400" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-1024x723.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-300x212.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf-768x542.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2023/11/30165614/ARKK_2023-11-30_20-55-33_baabf.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h2 class="wp-block-heading">Best Fixed-Income ETFs In November</h2>
<ol>
<li>PIMCO 25 Year Zero Coupon U.S. Treasury Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZROZ#NYSE">ZROZ</a>) up 14%: The decline in long-dated Treasury yields fueled a rally in the fixed-income duration. November 2023 was the strongest month for this portion of the bond market since August 2019, and the second best one since January 2015. </li>
<li>iShares 25 Year STRIPS Bond ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOVZ#NYSE">GOVZ</a>) up 13.3%</li>
<li>Vanguard Extended Duration Treasury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EDV#NYSE">EDV</a>) up 12.5%</li>
</ol>
<h2 class="wp-block-heading">Best Commodity ETFs In November</h2>
<ol>
<li>iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) up 10.3%: Precious metals, particularly silver, saw a sharp rally thanks to the decline in long-term Treasury yields and a weaker U.S. dollar.</li>
<li>United States Copper Index Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) up 5.2%: Copper also saw gains, influenced by the softer dollar.</li>
<li>Teucrium Soybean Fund ETV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOYB#NYSE">SOYB</a>) up 3.5%</li>
</ol>
Read Now: <a href="https://www.benzinga.com/news/mid-cap/23/11/36008708/cathie-woods-ark-innovation-etf-achieves-35-gain-in-november-its-best-month-since-inception">Cathie Wood&#8217;s ARK Innovation ETF Achieves 35% Gain In November, Its Best Month Since Inception</a>

Broad U.S. Equity ETFs

New ETFs

Emerging Market ETFs

ARGT

ARKK

iShares MSCI Israel Capped Investable Market Index Fund

iShares 25+ Year Treasury STRIPS Bond ETF

GOVZ

MVSP

SOYB

SPRX

XLRE

PIMCO 25+ Year Zeroupon US Treasury Index Fund

ZROZ

This Month's Top-Performing ETFs: Politics, Fed Rate Cut Hopes Ignite 30%-Plus Rally In These 2 Funds

Barrick Gold Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is one of the largest producers of gold in the world. But CEO Mark Bristow recently emphasized the importance of another metal to keep an eye on.
During an interview with CNBC, Bristow said, "My view is that copper is the most strategic metal out of all the metals."
He pointed out that batteries are a major driver for copper demand, but there's more to the story.
"Batteries is not a long-term solution for the future of a better planet for all," Bristow said. "What's really important is greening our grids, and we've started seeing that with big cable connections around Europe. And we've got to take the greener energy or renewable energy to the industrial regions. And to do that you need big cables and the only way you can transport electricity is with copper."
Bristow noted that even if all vehicles in California became battery-powered, it wouldn't be enough to save the planet.
"The way to really protect and leave a better planet for future generations is to develop the underdeveloped economy," he said.
And because of copper's critical role in development, it stands as the most strategic metal.
<h2 class="wp-block-heading">Check out:</h2>
<ul>
<li>Investing in real estate just got a whole lot simpler. With as little as $100, average investors are becoming landlords thanks to this <a href="https://www.benzinga.com/real-estate/22/10/29268850/bezos-backed-startup-lets-you-become-a-landlord-with-100-dollars">Jeff Bezos-backed startup</a>.</li>
<li>Elon Musk has reportedly bought 6,000 acres of land just outside of Austin.<a href="https://www.benzinga.com/real-estate/23/05/32537165/elon-musk-is-bullish-on-austin-heres-how-to-invest-in-the-citys-growth-before-he-floods-it-with-new"> Here&#8217;s how to invest in the city&#8217;s growth</a> before he floods it with new tech workers.</li>
</ul>
<h2 class="wp-block-heading">How To Invest In Copper</h2>
Because of its strategic significance, copper presents potential opportunities for investors.
During the interview, Bristow said that the fundamentals of copper suggest "we're going to be in short supply very, very soon" and "everything points to a better copper price in the future."
If you share that view and want to invest in copper, there are several ways to go about it.
You can invest in physical copper by purchasing copper bars, coins or rounds from a metals dealer. You can invest in copper futures. Or you can buy shares of copper-mining companies such as Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), Rio Tinto plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) and BHP Group Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>). Barrick Gold also produces copper.
Investors also can use exchange-traded funds (ETFs) to gain exposure to the metal. For instance, the United States Copper Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPER#NYSE">CPER</a>) is designed to be a convenient way for investors to access the returns of a portfolio of copper futures contracts.
<h2 class="wp-block-heading">Gold Is Not Forgotten</h2>
While highlighting copper's value, Bristow also touched upon gold, noting that it has always been a "go-to asset."
"Right now we have a situation in the world where there's a question mark over whether the dollar will stand up as a reserve currency into the future," he said.
Fitch Ratings recently downgraded the United States' long-term foreign-currency issuer default rating from its highest AAA rating to AA+. The credit rating agency pointed to "expected fiscal deterioration over the next three years,"&nbsp; a "high and growing general government debt burden" and an "erosion of governance" as reasons behind the decision.
After Fitch's downgrade, the price of gold rose about 0.6% on the news but has since pared those gains.
Bristow acknowledged that gold has been under pressure "because of the yields with the increase in interest rates on the back of inflation." He also pointed out that the yellow metal is "one currency politicians can't print."
Gold has served as a store of value for thousands of years. Unlike fiat money, which can be produced in unlimited quantities by central banks, precious metals have an inherent scarcity, making them a valuable hedge against inflation. While gold doesn't offer a yield, new companies have innovated ways for investors to earn passive income from inflation-resistant assets. Here's how to <a href="https://www.benzinga.com/alternative-investments/platform/arrived-homes">invest as little as $100 in a rental property</a> while staying completely hands-off.
<h2 class="wp-block-heading">Read next:</h2>
<ul>
<li><a href="https://www.benzinga.com/real-estate/23/05/32537165/elon-musk-is-bullish-on-austin-heres-how-to-invest-in-the-citys-growth-before-he-floods-it-with-new">Elon Musk Is Bullish On Austin. Here&#8217;s How To Invest In The City&#8217;s Growth Before He Floods It With New Tech Workers</a></li>
<li><a href="https://www.benzinga.com/real-estate/23/05/32598491/closing-the-wealth-gap-investment-fund-delivers-impressive-returns-to-its-investors-and-tenants">Closing the Wealth Gap: Investment Fund Delivers Impressive Returns To Its Investors And Tenants</a></li>
</ul>

GOLD

Barrick Gold CEO Says This Is The 'Most Strategic' Metal Of Them All — And It's Not Gold

SCCO

Shares of copper-related companies are trading higher amid a rise in copper prices.

Copper prices are one useful, under-the-radar indicator for investors to use as a gauge of U.S. economic health. Despite downward pressure on stock prices so far in 2022, copper prices have held up relatively well, a trend that has been reflected in the strength of underlying U.S. economic numbers.
In the past year, the SPDR S&amp;P 500 ETF Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spy#NYSE">SPY</a>) has generated a 16.9% total return, while the United States Copper Index Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cper#NYSE">CPER</a>) has returned 21.7%. Year-to-date in 2022, the SPY fund is down 5.8%, but the CPER fund has drifted higher by 0.5%.
Related Link: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/21/09/23158609/2-copper-stocks-to-buy-right-now">2 Copper Stocks To Buy</a>
Why Copper Matters: Copper is commonly used in a number of different industries, including construction, industrial production, electronics and power generation and transmission. As a result, copper demand can be used as a gauge for economic growth, and copper prices have a high historical correlation to the world Business Confidence Indicator.
<img alt="" src="https://www.benzinga.com/files/u81483/bci_vs-global.png" style="height:404px; width:600px" />
The <a href="https://www.portfoliovisualizer.com/asset-correlations">Portfolio Visualizer</a> daily return correlation matrix suggests the SPY and CPER funds have a relatively high level of positive correlation in daily returns over the last five years. The two funds have a correlation of about 0.38.
Copper&#39;s outperformance relative to stocks prices so far in 2022 makes sense based on what dynamics are driving the sell-off in stocks. Stock prices are largely dropping over concerns about rising interest rates and Federal Reserve tightening rather than weakness in underlying U.S. economic data. In fact, the U.S. added 467,000 jobs in January, beating consensus economist estimates of 150,000 jobs.
Benzinga&#39;s Take: Copper prices are benefitting from both underlying economic demand and elevated inflation rates, which serve as a tailwind for commodity prices. However, the Federal Reserve plans to curb inflation in coming months, and rising interest rates could eventually weigh on economic growth and copper demand.

Education

Why Copper Is One Of The Best Macroeconomic Indicators

<a href="https://www.bloomberg.com/news/articles/2021-01-16/blankfein-called-it-now-the-whole-world-is-watching-commodities?sref=TBDibEcD">Bloomberg </a>this weekend reported on the boom that is taking shape in the commodities markets.
What Happened: Investors are moving from the bull market in stocks to areas further afield in search of returns in a very-low interest rate environment.
&quot;Commodities haven&rsquo;t been this sexy since the mid-2000s, when China was stockpiling everything from copper to cotton,&quot; Bloomberg reports.
The story points to several developments:
<ul>
<li>JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) recommending a move away from bonds toward materials</li>
<li>Hedge fund bets at their highest levels in a decade, totalling nearly $120 billion</li>
<li>Agricultural markets also up more than 30% in the last decade</li>
<li>Corn at a seven-year high</li>
<li>Soybeans and wheat at their highest prices since 2014</li>
<li>Copper having the potential to rally&nbsp;20% to more than $10,000 a metric ton, according to Francisco Blanch, head of global commodities research at Bank of America</li>
</ul>
Quick Ways To Jump In: If this makes you itchy to get in on the action, then here are three ETFs and two copper funds that can give you exposure to metals and agriculture, which we&nbsp;gathered by asking around the Benzinga staff for some quick ways to place bets.
Note that this is by no means a comprehensive list but some simple ways to buy if you believe these commodities will continue their rise.
<ul>
<li>Invesco DB Agriculture Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dba#NYSE">DBA</a>) With $691.8 million in assets under management, this is one of the largest ETFs that holds actual agricultural commodities. Its 26-week return rate stands at&nbsp;20.79%, according to ETF Database.&nbsp;Its share price is up&nbsp;20.79% over the past six months and closed last week at&nbsp;$16.56.</li>
<li>For an ETF that holds&nbsp;agricultural stocks, the largest is&nbsp;VanEck Vectors Agribusiness ETF&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/moo#NYSE">MOO</a>). It has $914.5 million in assets under management and &quot;the&nbsp;best ticker symbol out there,&quot; says Spencer Israel, producer of Benzinga&#39;s <a href="https://www.benzinga.com/premarket-prep/">PreMarket Prep</a>.&nbsp;It has a 26-week return rate of&nbsp;31.32%, according to ETF Database.&nbsp;It is up&nbsp;29.89% over the past six months and closed last week at&nbsp;$82.14.</li>
<li>The VanEck Vectors Rare Earth/Strategic Metals ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/remx#NYSE">REMX</a>) holds stocks of companies that produce rare earth&nbsp;metals&nbsp;such as titanium, molybdenum, cerium, manganese&nbsp;and tungsten. It has&nbsp;$421.1 million in&nbsp;assets under management. The ETF&#39;s 26-week return rate is 89.57%, and its share price closed last week at&nbsp;$72.38, up 87.90% over six months.</li>
<li>For pure copper plays, also look into the&nbsp;Barclays iPath Bloomberg Copper Subindex (NYSEARCA: JJC), which is an exchange-traded note, and the&nbsp;United States Copper Index Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cper#NYSE">CPER</a>), an exchange-traded product.</li>
</ul>
Image source: Pexels

Futures

Commodities May Be The Next Big Thing; Here Are 3 ETFs To Get Started

iPath Dow Jones UBSpper Subindex Total Return ETN

VALE

Southern Copper Shares Spike To Session High, Now Up 2.5%; Copper Price Over $7K/Ton For First Time Since Mid-2018; Other Copper-Related Miners At Session Highs With Broader Stock Market, Didn't Spike Like Southern Copper Did

Gold prices once again hit new all-time highs&nbsp;Wednesday after breaking the $2,000-per-ounce&nbsp;level for the first time ever this week. Fortunately for precious metal investors, BofA Securities said global economic conditions suggest even more upside ahead.
Gold traded at $2,057/ounce&nbsp;on Wednesday, with silver prices at $27.03/ounce&nbsp;and copper prices at $2.92/pound.&nbsp;
Traders have been flocking to gold in 2020 as a safety investment during a period of economic uncertainty. Gold is also an inflation hedge after the Federal Reserve issued trillions of dollars of stimulus earlier this year. <a href="https://www.cnbc.com/2020/08/04/the-fed-is-expected-to-make-a-major-commitment-to-ramping-up-inflation-soon.html">The Fed</a> is expected to commit to near-zero&nbsp;interest rates until inflation hits its 2% target.
More Upside Ahead: BofA Securities&nbsp;analyst <a href="https://www.tipranks.com/analysts/michael-jalonen">Michael Jalonen</a> said he&rsquo;s bullish on gold, and BofA raised its average 2021 real gold price forecast from $2,012 to $2,159.
The firm also raised its 2021 real silver average price forecast from $21.95 to $30.49 and its 2021 real copper average price forecast from $2.77 to $3.10.
&ldquo;Continued fiscal spending as governments are mending the damage from COVID-19, backstopped by central banks means that interest rates will remain low, at the same time as the economy reflates,&rdquo; Jalonen said in a note.&nbsp;
Investors can expect gold prices to peak at $3,000 within the next 18&nbsp;months, the analyst said.&nbsp;At the same time, he said copper prices could rally as high as $50/ounce&nbsp;in the medium-term.
In addition to the commodity price target adjustments, BofA also upgraded Kinross Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>) from Neutral to Buy and raised the&nbsp;price target from $8.90 to $11.25.
The firm upgraded silver producer Hecla Mining Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) from Underperform to Neutral and raised the&nbsp;price target from $2.40 to $6.25.
Benzinga&rsquo;s Take: The most pure-play trade on precious metals outside of owning the physical metals is to invest in funds such as the SPDR Gold Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gld#NYSE">GLD</a>), the iShares Silver Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slv#NYSE">SLV</a>) and the US COMMODITY IX/COM UT REPSTG U S C (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cper#NYSE">CPER</a>).
The GLD fund has been the best performer of 2020, with a 50.9% gain, while the CPER fund has lagged, gaining 4.6%.
Related Links:
<a href="https://www.benzinga.com/etfs/sector-etfs/20/07/16603420/heres-how-much-investing-1-000-in-the-gld-gold-fund-in-2010-would-be-worth-today">Here&#39;s How Much Investing $1,000 In The GLD Gold Fund In 2010 Would Be Worth Today </a>
<a href="https://www.benzinga.com/analyst-ratings/analyst-color/20/07/16587001/gold-prices-at-9-year-highs-but-eldorado-still-undervalued-bofa">Gold Prices At 9-Year Highs, But Eldorado Still Undervalued: BofA</a>

Upgrades

Price Target

Gold At $3K? $50 Silver? BofA Raises Metal Price Targets

Among developing economies, Peru often goes overlooked. The South American nation is just a scant percentage of the MSCI Emerging Markets Index and Latin American regional benchmarks, meaning investors looking for exposure to Peruvian stocks often turn to the iShares MSCI Peru ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/epu#NYSE">EPU</a>).
EPU, the only U.S.-listed exchange traded fund dedicated to Peruvian equities, is down about 13 percent this year, a performance slightly less bad than the MSCI Emerging Markets Index.
<h3>What Happened</h3>
Peru is rich in natural resources. The country&#39;s export data and EPU&#39;s sector weights reflect as much. EPU, which tracks the MSCI All Peru Capped Index, holds just 26 stocks, over 77 percent of which hail from the materials and financial services sectors. Through the end of October, Peru exported more than $10.3 billion worth of raw copper.
&ldquo;Peru is already the world&#39;s second largest copper exporter and recent elections indicate it&#39;s prepared to bet even more heavily on mining,&rdquo; said IHS Markit <a href="https://ihsmarkit.com/research-analysis/trade-numerologist-peru-big-bet-on-copper-market.html">in a recent note</a>.
Chile is the world&#39;s largest copper exporter.
<h3>Why It&#39;s Important</h3>
As is the case with the iShares MSCI Chile Capped ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ech#NYSE">ECH</a>), which is down almost 20 percent this year, EPU can and does track copper prices lower. The United States Copper Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cper#NYSE">CPER</a>), a futures-based copper strategy, is down about 18.5&nbsp;percent this year.
Copper&#39;s laggard performance this year is having a profound impact on EPU. Peru&#39;s second- and third-largest exports, gold and oil, don&#39;t combine for the same level of exports measured in dollars as does copper. Still, some market observers see Peru&#39;s plans to boost copper expects as a good idea.
&ldquo;That&#39;s a smart play as long the world economy, in particular China, does well,&rdquo; said Markit. &ldquo;Copper is essential to making the pipes and electrical wiring that go into new houses and cars, making it essential as an economy reaches further stages of development.&rdquo;
<h3>What&#39;s Next</h3>
Peru is rich in copper, which has enticed some of the world&#39;s largest mining companies to operate there, but the cost of doing business in Peru is not cheap.
&ldquo;But for international mining companies that started flocking to Peru since the 1970s, there&#39;s always been a catch,&rdquo; said Markit. &ldquo;The country has one of the world&#39;s strongest anti-mining movements, dating back to native fighting the Conquistadors in the 16th century. Mining firms must invest hundreds of millions of dollars to obtain permits, which are dependent on the political willingness to permit the digging of mines and the construction of processing plants.&rdquo;
Related Links:
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/12/12856324/how-to-focus-on-a-hot-corner-of-the-reit-market">The Right REIT ETF Right Now</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/12/12849932/rethinking-global-fixed-income-strategies">A New Global Bond ETF</a>

Short Ideas

A Potential Peruvian Problem

Key Takeaways
<ul>
<li>
		Copper prices recently hit a one-month high as the dollar fell on weakening interest-rate hike fears.</li>
<li>
		Recent data suggest China&#39;s economic growth is on track, with copper demand holding steady.</li>
<li>
		Motifs mentioned: <a href="https://www.motifinvesting.com/motifs/dr-copper">Dr. Copper</a></li>
</ul>

	With stocks struggling mightily this year &ndash; the Nasdaq touched a 22-month low on Monday &ndash; few sectors have offered much promise.

	However, some investors have enjoyed early success rotating into industries that suffered in recent years while the broader market was ramping higher.

	Take copper, for example. The industrial metal had been in a solid price decline over the past couple of years, only occasionally showing signs of life. Even since the beginning of 2015, copper prices have slid more than 25%.

	Last week, however, copper prices hit their highest level of 2016 as a weaker dollar sparked investor demand for the industrial metal and drove bearish traders out of the market.

	Copper futures for the most actively traded March contract rose 1.8% to settle at $2.13 a pound on the New York Mercantile Exchange, their highest mark since New Year&rsquo;s Eve. As the Wall Street Journal reported, since nearing their lowest levels since early 2009 in mid-January, copper prices have rallied about 9%.

	Other copper-related investments also have performed relatively well lately. The <a href="https://www.motifinvesting.com/motifs/dr-copper">Dr. Copper</a> motif has gained 3.3% in the past month. In that same time, the S&amp;P 500 has lost 3.6%.

	Over the past 12 months, the motif has fallen 44.9%; the S&amp;P is off 9.8%.

	The recent gains by copper have come amid financial market turmoil and generally weak economic signals, supporting the idea that the biggest driver of the increase has been a weakening US dollar. Copper, denominated in dollars, gets cheaper as the US currency weakens, driving stronger investment flows and commercial demand, the Journal noted.

	Financial speculators in copper such as hedge funds have been strongly bearish on the market since early November, amid signs of weakening economic growth around the world, the Journal said. Some of the recent gains were probably fueled by traders closing out short positions that profit from falling prices as the market has rallied against them, the Journal added.

	Last week, investors dumped the dollar amid falling interest-rate expectations in the US and continued nervousness about the global economy. The WSJ Dollar Index, which compares the dollar against a basket of 16 commonly traded currencies, fell to its lowest level since early November.

	But copper&rsquo;s recent lift hasn&rsquo;t been all currency-induced. The Journal pointed out that the head of China&rsquo;s top economic planning agency said last week that the country&rsquo;s economic growth target in 2016 remains in a range of 6.5% to 7%. That helped mitigate concerns about the country&rsquo;s economic slowdown.

	China is the world&rsquo;s biggest copper consumer, accounting for about 45% of global demand.

	And China&rsquo;s demand appears to remain strong. China&rsquo;s General Administration of Customs said refined copper imports in December weighed in at 423,181 tons, a rise of 34% compared with the same period last year, and the fourth consecutive month of strong imports, the Journal reported.

	Between January and December, imports were up 2.5% on the year at 3.7 million tons.

	&ldquo;Despite headlines suggesting that China&rsquo;s economy is collapsing, metals demand is actually picking up,&rdquo; Oliver Jones, an economist at Capital Economics, wrote in a research note cited by the Journal.

	In addition, Chinese authorities plan to reduce the minimum down payment required for first- and second-time home buyers in most cities, a move aimed at clearing a housing glut.

	China&rsquo;s construction sector accounts for 25% of copper demand and 35% of aluminum demand, according to Reuters.

	Many analysts believe further gains for copper prices won&rsquo;t come without a rebound in oil markets, which are dictating sentiment across financial markets.

	&ldquo;Our core view is that oil prices will rebound in the second half of the year, which would help drag up commodities [such as copper],&rdquo; David Wilson, director of metals research and strategy at Citigroup, told the Journal.

	Despite a sharp selloff since early November, oil rebounded in recent weeks in large part from speculation that members of OPEC and Russia would start working together to cut output and help balance the market, according to the Journal.

	However, many leaders from those countries have said they aren&rsquo;t ready to cooperate, a stance reaffirmed when Saudi Arabia and Venezuela failed to reach any deal, the Journal said.

	For people invested in copper stocks, keeping one eye on oil prices could be imperative over the near term.

	Investments in commodity-related products, such as precious metals, agricultural products, and oil may be subject to greater volatility and liquidity risks than investments in traditional securities. Commodity-related products can be significantly impacted by underlying commodity prices, world events, government regulations, and economic conditions, which can dramatically affect the value of an investment.

CUPM

Dr. Copper Is Looking More Fit

"Is this China's Lehman Brother's moment? When the government refuses to step in, instead allowing defaults to occur, when intervention could have prevented a bigger crisis? That may very well be developing. One needs to look no further than Copper to see this crisis starting to unfold. First, some background on Copper: it is a highly malleable metal with many industrial roles, including serving as a conductor for heat and electricity as well as a building material. But Copper has another role, specifically in China, which is why it appears that a financial crisis is brewing. It's been estimated that roughly 60-80% of Copper imports over the past few years have been used as collateral for borrowing (Reuters).

How would this impact Copper? As Chinese companies using Copper as collateral default on their obligations, they're forced to liquidate their assets. The first domestic Chinese bond defaults have provoked a massive down-drift in Copper prices since Friday, with the price falling over 10% in the past four days alone. Concern may be spreading that defaults beget defaults; as price falls, more firms will be margined out. Copper's decline bodes poorly for the global economy. Nicknamed “Dr. Copper,” the reddish-orange metal has long been considered the bellweather for the global economy. In context of the significantly weaker than expected February Chinese trade data, the dive in Copper makes it seem like an economic slowdown is hitting China – and that's not good for anyone."

Copper Crosses the Rubicon -Christopher Vecchio, Currency Analyst at DailyFX

United States Commodity Funds, the ETF issuer behind the popular U.S. Oil Fund (NYSE: <a class="ticker" href="/stock/uso#NYSE">USO</a>) and the U.S. Natural Gas Fund (NYSE: <a class="ticker" href="/stock/ung#NYSE">UNG</a>), announced that it will pare the expense ratio on the U.S. Copper Fund (NYSE: <a class="ticker" href="/stock/cper#NYSE">CPER</a>) to 0.65% from 0.95%. 

That will make CPER the cheapest of the three <a href="http://etfdb.com/2012/copper-etf-cper-cuts-fees/">copper exchange-traded products on the market, according to ETFdb</a>. The iPath DJ-UBS Copper TR Sub-Index ETN (NYSE: <a class="ticker" href="/stock/jjc#NYSE">JJC</a>) and the iPath Pure Beta Copper ETN (NYSE: <a class="ticker" href="/stock/cupm#NYSE">CUPM</a>) both charge 0.75% per year.

CPER, which debuted in late 2011, had almost $2.4 million in assets under management at the close of markets on May 30. The fund tracks the SummerHaven Copper Index and its holdings are currently comprised of July and September copper futures.

CPER is down almost 3% year-to-date. Average daily volume for CPER is just 690 shares.

Intraday Update

U.S. Commodity Funds Cuts Expenses On Copper Fund (CPER, JJC)

On the heels of our popular “Eleven For '11” series that we ran late last year, we're upping the ante by one this time around. No, it's not the 12 days of Christmas, though some might say it is a 12-round title fight. We're talking about looking at 12 ETFs across various sectors that merit consideration for 2012 and we're getting the ball rolling with some beta by looking at commodities funds.

Always volatile, sometimes controversial, commodities have taken on a new role in the lexicon of ordinary investors thanks in large part to the evolution of the ETF industry. But those that end the discussion with gold and oil funds are missing out because there are many more potentially profitable opportunities for the taking in the commodities world.

So let's get on with looking at 12 commodities ETFs (and ETNs) that are worth looking at in 2012.

iShares Gold Trust (NYSE: <a class="ticker" href="/stock/iau#NYSE">IAU</a>):
We didn't say ignore gold altogether, did we? After breaking through the $1,900 area in September, gold now resides well below $1,800. Concerned? Don't be. All of the issues that have fueled gold's run – Europe's debt woes, Uncle Sam's debt problem, a weak dollar – remain. Morgan Stanley said in a note today gold could average $2,200 an ounce next year. That makes IAU a steal at current levels.

ETFS Physical Silver Shares (NYSE: <a class="ticker" href="/stock/sivr#NYSE">SIVR</a>):
Maybe more volatile and easily more controversial than gold, silver will be in the spotlight again next year. Whether or not that's a good thing remains to be seen. As we noted earlier, considering that SIVR does the same thing as the iShares Silver Trust (NYSE: <a class="ticker" href="/stock/slv#NYSE">SLV</a>), SIVR is the better bet <a>due</a> to its lower expense ratio. Most 2012 price forecasts imply significant upside from current levels.

United States Copper Fund (NYSE: <a class="ticker" href="/stock/cper#NYSE">CPER</a>):
Until we get an ETF backed by physical copper, the new United States Copper Fund will have to do. Dr. Copper is always a useful tell on the strength of major global economies. Of course, that has meant some tough times for the red metal as of late, but assuming we see more quantitative easing from global central banks, copper will rise. 

iPath DJ-UBS Livestock TR Sub-Index ETN (NYSE: <a class="ticker" href="/stock/cow#NYSE">COW</a>):
We haven't been shy about calling COW a dud this year. After all, cattle and hog prices were soaring this year and the experts were talking about how the newly affluent in emerging markets were eating more high-quality meat. All the while COW was struggling. We'll give credit where it's due and acknowledge COW is up 2.6% year-to-date. Perhaps bigger things await in 2012 if emerging markets return to glory.

ETFS Physical Palladium Shares (NYSE: <a class="ticker" href="/stock/pall#NYSE">PALL</a>):
The only ETF devoted exclusively to physical palladium holdings is PALL. When things are good, they're very good for this ETF. And when they're bad, they're very bad, a fact highlighted by PALL's fall to around $55 in October from $85 in August. The big catalysts with palladium are auto sales in the U.S. and China and Russian production, or lack thereof. Get both of those things going in the metal's favor, and PALL could easily see the $80 area again.

United States Brent Oil Fund (NYSE: <a class="ticker" href="/stock/bno#NYSE">BNO</a>):
If you're going to dabble in futures-backed exchange-traded products that track oil, do it with one that offers a play on Brent, not West Texas Intermediate. Yes, BNO should be on your radar for 2012, but if the ETF breaks $79, it could run back to its 52-week high of $84.19 this year.

PowerShares DB Agriculture Fund (NYSE: <a class="ticker" href="/stock/dba#NYSE">DBA</a>):
Agricultural commodities have seen their share of drama this year, most of it bad. That is true, but two things should be remembered. First, corn, soybeans, etc. will not be left behind in a QE-induced commodities rally. Second, the long-term global food consumption and production trends are scary and that's very good for DBA.

PowerShares DB Base Metals Fund (NYSE: <a class="ticker" href="/stock/dbb#NYSE">DBB</a>):
All of a sudden the PowerShares DB Base Metals Fund's chart looks pretty good as the ETF now has room to tack on 10% or more in effort to get back to the 200-day line. What DBB really needs for a sustainable rally is good economic fundamentals from major global economies. That will prompt increased aluminum and copper demand as well as higher use of other industrial metals.

Market Vectors Gold Miners ETF (NYSE: <a class="ticker" href="/stock/gdx#NYSE">GDX</a>):
An equity-based play or two belong on this list and why not start off with a gold miners ETF? Precious metals mining stocks and ETFs have been under fire this year for lagging the metals they extract from the earth, but that situation has been improving recently. Valuations on large-cap gold miners look compelling right now and if gold's bull run continues next year, and it should, GDX looks like a smart way to play that move.

Global X Fertilizers/Potash ETF (NYSE: <a class="ticker" href="/stock/soil#NYSE">SOIL</a>):
Sure you can dance with other agribusiness ETFs, but one that is entirely devoted to fertilizer stocks actually makes a lot of sense. If the broader market improves next year, high-beta stocks like fertilizer and potash stocks will rally. And if you like an ETF like DBA, than the Global X Fertilizers/Potash ETF makes a lot sense as an equity-based alternative.

Teucrium Corn ETV (NYSE: <a class="ticker" href="/stock/corn#NYSE">CORN</a>):
CORN has been a big a disappointment lately and the fund barely took place in Thursday's big rally. Relief may come in the form of election year politics that will likely see no smart candidate go to places like Iowa and Minnesota and say he or she wants to curb ethanol production.

SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE: <a class="ticker" href="/stock/xop#NYSE">XOP</a>):
XOP is a great tool for short-term traders with a volatile nature that is reminiscent of a leveraged ETF. The ETF's low expense ratio and exposure to integrated oil stocks is a plus for conservative investors. Not to mention, XOP is a play on just about every U.S. shale formation, rising oil prices and the fund is full of potential buyers and sellers in the energy M&amp;A game.

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PALL

SIVR

SOIL

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