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Copper, Other Metals Hammered On China Growth Concerns
From Tyler Durden: Less than a month ago we warned that the Chinese commodity bubble 2.0 was bursting as speculative volume had exploded relative to open interest and exchanges had begun (after unreal surges in prices) to crackdown on the speculation.
The carnage continued and over the last few days has bloodbath’d even more as China warns that it will miss its growth targets.
Spot The Odd One Out…
- Zinc -22%
- Iron Ore -20%
- Steel Rebar -20%
- China Coking Coal -25%
- Copper -13%
- Bitcoin +18%
It appears as China housing bubble pops, commodity bubble pops, and credit-fueled growth bubble pops… there is only one place left for Chinese trend-followers to flee to – Bitcoin.
The iPath Bloomberg Copper Subindex Total Return Sub-Index ETN (NYSE:JJC) was unchanged in premarket trading Tuesday. Year-to-date, JJC has gained 15.26%, versus a 10.71% rise in the benchmark S&P 500 index during the same period.
JJC currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #34 of 123 ETFs in the Commodity ETFs category.
This article is brought to you courtesy of ZeroHedge.
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