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ETF跟踪'博士Copper’ Launches Amid Economic Turbulence
铜长期被视为经济动荡的指标。最近,推出了第一个跟踪金属的ETF。
博士铜,“红金属的绰号从其所谓的权力中获得了经济趋势的指标,从9月份强劲下降以来,一直喂养了全球放缓的担忧。由于欧洲债务危机引发的中国和其他发展中经济体的需求越来越多,据称美国商品资金(USCF)最近推出的第一个铜交换基金(ETF)的潜在逆风引发了基础金属市场的担忧。
美国铜指数基金,纽约证券交易所与符号CPER交易,是由USCF与USCF与Summerhaven指数管理的第二次交易所交易产品(ETP) - 基于康涅狄格州的公司,由前基石成立于2009年定量校长Adam Dunsby,前UBS ETN产品Head Kurt Nelson,Yale教授Geert Rowenhorst,以及Ubs Ashraf Rizvi的Foremencity Trading Formentity Trading头。
令人惊讶的是,尽管有几个copper exchange-traded note (ETN) products on the market already, CPER is the first ETF tracking the metal. The fund tracks the COMEX listed futures contracts, which SummerHaven’s Nelson says is the only practical way to gain exposure—unlike precious metal exposures which can more easily be held physically. “When converted into price per pound, gold is worth roughly $28,000 per pound. Compare this to the fact that copper has recently traded in a range between $3 and $4 per pound, and it’s easy to see that the relative cost of storing and insuring physical copper is much higher than gold, platinum or even silver,” he says.
为了提供潜在的商品不断接触,投资期货市场的ETF必须通过销售合同来持续“滚动”其曝光,因为未到期和购买具有更长日期的日期性的新的合同。当市场在Contango时,这意味着长期期货合约比在较早时间达到的时间更昂贵,因为他们通过在更高价格水平购买新合同来维持其职位的投资者的资金。如果市场处于落后,这意味着更长的合同是以较低的价格交易,投资者通过向前推出曝光而赚钱。
尼尔森说,在铜的情况下,暴露于期货曲线对投资者寻求长铜曝光的潜在积极表现,这在物理现货市场将无法使用。“存储和保险成本中的铜投资锁定意味着这种投资的前向曲线将始终处于cantango或向上倾斜。然而,铜的商品期货曲线经常发现自己在落后,或以下倾斜的曲线形状,基于期货的铜资金为投资者提供了从这些市场条件中受益的机会。“夏天的铜指数试图减轻与Contango产生的滚动期货风险相关的潜在问题,同时通过将合同滚动调整到铜期货曲线的形状来最大化落后的影响。
Longview全球分配的投资组合经理Christian Wagner--投资ETF和ETNS的共同基金,包括商品产品 - 认为市场有一个新的铜进入者的空间。“铜价是少数商品之一,作为全球增长和繁荣的良好指标。他说,这个简单的告诉推动了与其他珍贵和工业金属的股票的相关性。“
“毫无疑问,通过正确管理滚动产量可以提高返回,”作为Longview资本管理的CIO,沃格纳还可以监督持有ETPS的管理账户超过2亿美元。“不幸的是,由于K-1发行,投资者可能忽略了结构。”
Regardless of structure, the new product has arrived at a time of great uncertainty for base metals. Copper has declined by nearly 12 percent over the trailing 52 weeks, while gold is up 22 percent and silver has risen 8 percent over the same period. While several quantitative analysts have noted that the large volatile range that copper futures have traded in since the end of summer may indicate a price bottom, most market participants are more focused on recent reports that the Chinese Ministry of Industry has begun liquidating a portion of its massive reserves of the metal to further curb prices. For now at least, ‘Dr. Copper’ is sending mixed signals for global growth.