Blythe and Jamie appear to be tying up loose ends, as JP Morgan has reportedly won regulatory approval for the US copper ETF, the JPM XF Physical Copper Trust.
JPMorgan Chase & Co. (JPM) won regulatory approval for the first U.S. exchange-traded fund backed by physical copper, which some industrial users said may disrupt the market.
The proposed rule change by NYSE Arca Inc. to list JPM XF Physical Copper Trust was approved, the regulator said in an order on its website dated Dec. 14. BlackRock Inc. (BLK) and ETF Securities Ltd. also have said they plan to start physically backed ETFs for industrial metals in the U.S.
A group of industrial copper consumers including AmRod Corp., Southwire Co. and Encore Wire Corp. (WIRE) and hedge fund RK Capital LLP opposed the plan, saying funds backed by copper would leave less of the metal available for manufacturers, creating shortages and driving up prices. Senator Carl Levin, a Michigan Democrat who in July had advised rejecting the ETF, said in a statement today that the approval is “a blow to American businesses and consumers that rely on copper,” and that Congress should review the move.