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U.S. manufacturers are opposing JPMorgan's (
) plans to launch an ETF backed by physical copper, telling the SEC the fund would "
grossly and artificially inflate prices
" and "wreak havoc on the US and global economy." JPM's regulatory filings suggest its ETF could hold 61,800 tons, or 27% of the copper held in the London Metal Exchange’s global network of warehouses.
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What is the total world supply of copper? To avoid antitrust sanctions and impact on world prices the amount held as collateral should be insufficient to move prices, but sufficient to permit appropriate sale of contracts. Next issue, why have more than one commodities exchange in this day of electronic trading?
May 24 02:10 PM
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