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Nickel ETN (JJN) Hit a 52-Week High
For investors seeking momentum, iPath Series B Bloomberg Nickel Subindex Total Return ETN is probably on radar. The fund just hit a 52-week high, and is up 259.5% from its 52-week low of $20.71 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
JJN in Focus
The underlying Bloomberg Nickel Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on nickel. The ETN charges 45 basis points in fees.
Why the Move?
Nickel prices have been soaring lately on worries about low inventories. Key producer Russia’s invasion of Ukraine caused supply chain fears.
More Gains Ahead?
Currently, JJN has a Zacks ETF Rank #3 (Hold). Therefore, it is hard to get a handle on its future returns one way or the other. JJN has a positive weighted alpha of 153.70 (per barchart.com), which gives cues of further rally.