First metal-backed ETFs set to launch

Dec 07, 2010 | 12:53 PM |

ETF Securities Ltd. has set a Dec. 10 launch for the world's first physically backed exchange traded funds (ETFs) in copper, nickel and tin, the company said Tuesday.

Physically backed ETFs in aluminum, lead and zinc, as well as one basket ETF of all the base metals, will be available for trading in the New Year, ETF Securities added.

The timing comes as a surprise to many in the metals market who hadn't expected the launch to take place for some months.

ETF Securities first announced its intention to launch physically backed ETFs during London Metal Exchange Week in October. JPMorgan Chase & Co. and Blackrock Inc. have since declared their intention to do the same in filings to the U.S. Securities and Exchange Commission.....

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