''The Securities and Exchange Commission has approved the first
physical copper exchange-traded fund, over the concerns of copper
fabricators who contend it will hurt their industry by putting too much
copper in investors’ hands.
The proposed JPM XF Physical Copper Trust will be
listed on NYSE Arca and will initially be backed by 61,800 tonnes of
copper (30% of the copper available for immediate delivery globally),
compared to current copper ETFs, which are backed by futures.''