A new commodity index tracking platinum, palladium and other precious metals in 33 dollar-denominated markets has been launched by JP Morgan.

The investment banking giant's Commodity Curve Index (JPMCCI) is the first passive index to incorporate NYMEX platinum and palladium.

Inclusion on the index is dependent upon the physical commodities being publicly exchange traded.

Further conditions are that the commodity has been listed and traded on a US or UK-based exchange for one year and that the size of its market must exceed $250 million.

Precious metals will account for 18 per cent of the index's weighting, with the lion's share being occupied by the energy sector, which accounts for 46 per cent.

John Normand, Head of Global Currency Strategy and Cross-Commodity Research at JP Morgan, said: "Despite the growth of commodity investor products over the past five years, the market still lacks an index which reflects available investment opportunities along the curve, and adapts to evolving liquidity conditions over time. JPMCCI fills this gap."

Sources:

JP Morgan launches commodity curve index, 09/11/07
http://structuredproductsonline.com/public/showPage.html?page=482045

UPDATE: JPMorgan Launches Commodity Index To Track 33 Markets, 09/11/07
http://money.cnn.com/news/newsfeeds/articles/djf500/200711090413DOWJONESDJONLINE000411_FORTUNE5.htm

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