The revised filings by JP Morgan Chase & Co. and BlackRock for rolling out copper ETFs do not seem to have assuaged concerns about the actual status of copper inventories, The Wall Street Journal reports. The two companies have been promoting their physical copper ETFs to potential investors, saying that these funds are designed to profit from the metal’s scarcity.
Both firms are awaiting approval from the Securities and Exchange Commission. They filed their initial applications in October. The estimates of copper production in the new filings leave an unexplained gap of one million tons in global stocks of the metal.
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