The iPath Bloomberg Copper Subindex Total Return ETN ($JJC) is up more than 2% in trading today. JJC has had a mixed year so far as the chart below shows.
As the chart above shows, JJC saw a sell-off at the start of the year as copper, along with other commodities, came under pressure. But some promising data from China sparked a rally in commodities, including iron ore and copper. Unlike iron ore though, copper’s fundamentals are better. The copper market could turn into a deficit sooner-than-anticipated. Indeed, the mid-to long-term outlook for copper is quite bullish. However, in the near-term, a stronger dollar could pressure on JJC.