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IPFS News Link • Precious Metals
JPMorgan is among several groups trying to
capitalise on investors’ interest in industrial metals by launching a
fund that allows them to access physical copper directly.
Its
regulatory filings suggest its ETF could hold 61,800 tonnes, 27 per
cent of the copper held in the London Metal Exchange’s global network of
warehouses. An ETF proposed by BlackRock iShares could hold 121,200
tonnes.
Groups
complaining about the ETF include Southwire, the biggest US manufacturer
of electrical cable, and Red Kite, a metals-focused hedge fund and
trader. Bob Bernstein of Vandenberg & Feliu, a law firm acting on
behalf of the consumers, said he was representing companies that account
for half of US copper fabrication capacity. In the letter to the SEC,
they argue the ETF would result in a “substantial artificially induced
rise in near-term copper prices ... simulating the effects of an
artificial squeeze or corner being financed by unsuspecting investors in
JPM’s ETF.”
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