Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Southwire Files Court Challenge to BlackRock Copper ETF

April 22 (Bloomberg) -- Southwire Co. asked a U.S. court to review a regulatory decision that cleared the way for BlackRock Inc.’s planned exchange-traded fund backed by copper.

The closely held wire and cable manufacturer said that the order by the Securities and Exchange Commission in February will “lead to an investor-financed squeeze of the market” for copper, according to a petition dated April 18 with the U.S. Court of Appeals in Washington. The Carrollton, Georgia-based company said it will seek to have the SEC decision vacated.

Southwire is among industrial users who have said that copper ETFs would leave less of the metal available for manufacturers, creating shortages and boosting prices. The company has also opposed JPMorgan Chase & Co.’s JPM XF Physical Copper Trust, the first U.S. exchange-traded fund backed by physical metal, which won SEC approval in December.

BlackRock, based in New York, is the largest provider of ETFs. It proposed to start trading the iShares Copper Trust on NYSE Arca Inc.

Melissa Garville, a BlackRock spokeswoman, declined to comment because the product still is in registration.

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

To contact the editor responsible for this story: Patrick McKiernan at pmckiernan@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.