JP Morgan Receives Approval for Controversial Copper ETF

Reuters reported that U.S. regulators have approved JP Morgan Chase & Co’s controversial plan to launch a copper exchange-traded fund that is physically backed by copper stockpiles.

As quoted in the market report:

It is also a defeat for consumers of the metal, which is used in plumbing and cooling systems. Since the fund will use physical copper cathode as collateral against shares of the fund, effectively removing a chunk of metal from the market, users fear it will affect supplies and inflate prices.

To view the whole Reuters report, click here.