Southwire and Encore continue their opposition to JP Morgan copper ETF - 0 views
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Matthew Wonnacott on 14 Feb 13In an effort to overturn a decision by the US SEC to approve JP Morgan's plan for a physically-backed copper ETF, US-based wire and cable makers Southwire Co. and Encore Wire have taken their case to the Federal Appeals Court. The two companies argue that the ETF will cause "an investor-financed squeeze" in the copper market and would lead to a shortage of material for immediate delivery. The JP Morgan ETF will be indicative of the fortunes of another, larger, ETF which Blackrock hope to launch. A ruling by the SEC on this ETF was delayed in late December and is now due on 22nd February.