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Wednesday, October 30, 2013

Manufacturer Drops Suit Fighting Copper ETFs

News summary by MFWire's editors

The U.S.'s largest copper-wire manufacturer has pulled out of the legal fight over copper-backed ETFs.

Georgia-based Southwire asked the U.S. Court of Appeals earlier this year to examine the SEC's decision to approve J.P. Morgan's and BlackRock's proposed copper ETFs, hoping to overturn the approval.

But, both the Wall Street Journal and Reuters are now reporting that Southwire is dropping the lawsuit.

Matt Day at the Wall Street Journal writes that Southwire has dropped the suit largely because it believes J.P. Morgan and BlackRock are now unlikely to launch the ETFs anyway.

"Southwire’s decision to withdraw its lawsuit is the latest sign that the rush to develop financial products to track commodities has stalled. The raw-materials sector, hot for much of the last decade, has cooled as investors see better opportunities elsewhere," writes Day

Edited by: Katie Lobosco

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