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Over the objections of certain lawmakers and consumers of the metal, the SEC approves JPMorgan's...

  • Monday, December 17, 2012, 8:23 AM ET
    Over the objections of certain lawmakers and consumers of the metal, the SEC approves JPMorgan's plan to launch an ETF physically backed by copper. The worry is the fund would remove a significant amount of copper from the world supply, driving up volatility and prices.
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    This is likely bullish for copper producers, who will likely use in-ground copper for expansionary loans from JP, while JP uses the in-ground copper to back the ETF.

    And of course, consumers lose from the overall increase in price by long-only positions in commodities which remove the product from the market by putting it effectively in storage.
    17 Dec 2012, 01:18 PM Reply Like
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