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Monday, October 25, 2010

WSJ Unearths a New Copper ETF

News summary by MFWire's editors

JPMorgan [ [see profile]] is joining the growing number of firms looking to cash in on the ETF craze with one of its own: a copper ETF.

The Wall Street Journal reports that the firm made a late Friday filing to the U.S. Securities and Exchange Commission for a copper ETF. The firm did not specify a launch date for its proposed offering.

The actual transporting and storing of the copper will be handled by J.P. Morgan's warehousing firm, Henry Bath Group, and the related expenses will be built into the price of the funds' shares. According to the filing, the cheapest location to deliver physical copper is currently in the U.S., where Henry Bath has warehouses in Baltimore, Chicago and New Orleans.

Prices of the industrial metal are reportedly now back near all-time highs approaching $8,900 a metric ton.  

Edited by: Hung Tran

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