Rethinking Copper ETF, Deere Probe Ends, Bats: Compliance
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Industrial copper users including AmRod Corp., Southwire Co. and Encore Wire Corp. urged U.S. regulators to reverse a decision clearing the way for a JPMorgan Chase & Co. exchange-traded fund backed by the metal.
The user group has said that the JPM XF Physical Copper Trust, the first U.S. exchange-traded fund backed by physical copper, would leave less for manufacturers, creating shortages and boosting prices. The proposed rule change by NYSE Arca Inc. to list the funds shares was approved in an order last month by the Securities and Exchange Commission.