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BlackRock Gains SEC Approval for Copper-Backed Fund

Feb. 24 (Bloomberg) -- BlackRock Inc. won U.S. regulatory approval for an exchange-traded fund backed by physical copper, which some industrial users said may disrupt the market for the metal.

The Securities and Exchange Commission approved the proposed rule change by NYSE Arca Inc. to list BlackRock’s iShares Copper Trust, the regulator said on its website in a notice dated Feb. 22. JPMorgan Chase & Co. won regulatory approval in December for its planned ETF, which would be the first U.S. exchange-traded fund backed linked to copper.

A group of industrial copper consumers including AmRod Corp., Southwire Co. and Encore Wire Corp. have opposed plans for copper ETFs, saying funds backed by copper would leave less of the metal available for manufacturers, creating shortages and driving up prices.

ETF Securities Ltd. also has said its plans to start physically backed ETFs for industrial metals in the U.S.

To contact the reporter on this story: Joe Richter in New York at jrichter1@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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