Coffee ETN (JO) Hits New 52-Week High
For investors seeking momentum, iPath Bloomberg Coffee SubTR ETN JO is probably on radar now. The note just hit a 52-week high, which is up roughly 43.7% from its 52-week low price of $17.00/share.
But are more gains in store for this ETN? Let’s take a quick look at the note and the near-term outlook on it to get a better idea on where it might be headed:
JO in Focus
JO looks to provide exposure to the Bloomberg Coffee Subindex Total Return Index. JO charges investors 75 basis points a year in fees (see all agricultural ETFs here).
Why the Move?
The inclement weather in Brazil – one of the key coffee producing regions – boosted coffee prices in recent times. Also, supply shortages are cited in Indonesia for the robusta variety. All in all, worries related to a global coffee shortfall led to the uptick in prices and the ETN.
Gains Ahead?
Currently, JO has a Zacks ETF Rank #1 (Strong Buy) with a High risk outlook. Also, the product has a positive weighted alpha of 32.50. A positive weighted alpha hints at more gains.
Want key ETF info delivered straight to your inbox?
Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
IPATH-BB COFE (JO): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
