ETF would hurt US, copper users claim
May 24, 2012 | 05:00 PM
| Barbara O'Donovan
Tags
copper,
JP Morgan,
ETF,
exchange-traded fund,
Vandenberg & Feliu,
Robert Bernstein,
LME,
Comex
Barbara O'Donovan
NEW YORK — A physically backed copper exchange-traded fund (ETF) proposed by JPMorgan Chase & Co. will wreak havoc on the U.S. and global economies, according to a letter sent to the Securities and Exchange Commission (SEC) by a law firm representing U.S. copper consumers.
"The launch of a copper-backed ETF on the (NYSE Arca) exchange is likely to upset the delicate balance of copper supplied to the United States, with potentially devastating consequences," Vandenberg & Feliu LLP wrote.
The New York-based law firm said it represents a major copper merchant company and several copper fabricators around the United States. Its clients are concerned that the proposed ETF would restrict supply and increase market volatility, Vandenberg & Feliu partner Robert Bernstein told AMM Thursday.....
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