Exchange traded notes (ETNs) that track nickel and industrial metals closed in the red Monday on worries of lower demand in Asia.
The iPath Dow Jones-UBS Nickel Total Return Subindex ETN (NYSEArca: JJN) was among the steepest decliners in the metals complex. The ETN failed a test to climb back above its 50-day moving average, a key technical indictor.
Other industrial metals such as aluminum and copper were also weak Monday. PowerShares DB Base Metals Fund (NYSEArca: DBB) ended the day with a loss of nearly 2%.
Copper prices fell on worries Japanese automakers may have to halt production at plants in China, potentially cutting demand, Bloomberg reported. The iPath Dow Jones-UBS Copper Total Return Subindex ETN (NYSEArca: JJC) slid 1.7% on Monday.
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