Copper ETF could lead to market squeeze, buyers say

Jan 11, 2013 | 10:52 AM | Andrea Hotter

Tags  copper, ETFs, Sumitomo, JP Morgan, Southwire, Encore Wire, Luvata, AmRod BlackRock

LONDON — A group of copper consumers has warned that JPMorgan & Chase Co.’s physical copper exchange-traded fund (ETF) could create a market squeeze similar to that caused by a rogue trader at Japan’s Sumitomo Corp. in the 1990s.

In a letter to the U.S. Securities and Exchange Commission (SEC), a lawyer representing the consumers called for the U.S. regulator to reconsider its decision to approve the ETF on the grounds that, as drafted, it is legally insupportable. ....

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