Reuters reported that the US Securities and Exchange Commission has approved a rule change that will allow BlackRock Inc. (NYSE:BLK) to list a copper-backed exchange-traded fund on NYSE Arca. This step forward means BlackRock’s ETF may be launched before that of JPMorgan Chase & Co. (NYSE:JPM).
As quoted in the market news:
The launch of copper ETFs are intended to give large U.S.-based funds easier access to the copper market, but some industrial users worry that such products will remove a large chunk of the metal from the market and inflate prices.
JPMorgan Chase & Co. ‘s rival product was approved about two months ago, but it has not yet listed due to objections from some in the copper industry.