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Nikel ETN (JJN) Hits New 52-Week High
Investors seeking momentum may have iPath Series B Bloomberg Nickel Subindex Total Return ETN on radar now. The fund recently hit a new 52-week high. Shares of JJN are up approximately 53% from their 52-week low of $20.71/share.
But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.
iPath Series B Bloomberg Nickel Subindex Total Return ETN
The Bloomberg Nickel Subindex Total Return reflects the returns that are potentially available through an unleveraged investment in the futures contracts on nickel. The expense ratio of JJN is 0.45%.
Why The Move?
Low inventories boosted prices for nickel to their highest since 2011. Future demand is expected to soar due to higher electric vehicle battery consumption.
More Gains Ahead?
The ETN JJN has a positive weighted alpha of 41.32. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.