Thin Volumes Distort Commodity ETN Prices
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iPath ETNs (NYSE: CHOC), (NYSE: NINI), and (NYSE: CTNN), which track futures prices of Cocoa, Nickel, and Cotton respectively, saw large drops today compared to the underlying futures prices of the commodities. Representatives at iPath contribute the discrepancies to thin volumes in the ETNs, and they do not believe that the price represents an arbitrate opportunity considering the previous closing price and the average monthly prices of the ETNs.
iPath Pure Beta Cocoa ETN (CHOC) closed down 8.2%, iPath Pure Beta Nickel ETN (NINI) was down 10.5%, and iPath Pure Beta Cotton ETN (CTNN) has slumped 9.5%. By comparison cotton futures fell about 1.4% and cocoa 1.9%.
iPath Pure Beta Cocoa ETN (CHOC) closed down 8.2%, iPath Pure Beta Nickel ETN (NINI) was down 10.5%, and iPath Pure Beta Cotton ETN (CTNN) has slumped 9.5%. By comparison cotton futures fell about 1.4% and cocoa 1.9%.
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