BlackRock Receives Approval for Copper-Backed ETF

Reuters reported that BlackRock Inc, has received approval from the U.S. securities regulator to proceed with a copper-backed exchange-traded fund, potentially eclipsing of JPMorgan, whose similar product has experienced a series of delays.

As quoted in the market report:

The launch of copper ETFs are intended to give large U.S.-based funds easier access to the copper market, but some industrial users worry that such products will remove a large chunk of the metal from the market and inflate prices.

To view the whole Reuters report, click here.