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Thompson Creek Metals Company Inc. Message Board

  • wrlance53 wrlance53 Feb 19, 2013 3:30 PM Flag

    Copper ETF Prediction

    With Encore Wire Corp. and Southwire Co. challenging the SEC regulatory decision that cleared the way for JPMorgan's physical copper ETF last week...how do you see this playing out? I say the SEC reviewed JPMorgan's proposal for 2 years, the decision to allow them to create the ETF stands.

    Sentiment: Strong Buy

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    • 01 April Update:
      NEW YORK(Reuters) - The U.S. Securities and Exchange Commission has again rebuffed claims by copper fabricators that JPMorgan Chase & Co's planned exchange traded fund backed by physical copper would tighten supplies of metal used in plumbing and wiring.
      In a filing dated March 28 and posted on the SEC website on Friday, the regulator upheld its Dec. 14 decision to approve the controversial fund, rejecting concerns among copper users that the fund would distort supply and inflate prices.
      Industrial users fear the funds would cut off supplies of copper, used in wiring and plumbing, and boost prices since they will use physical copper cathode as collateral against shares of the fund, effectively removing a chunk of metal from the market.
      There is no new evidence to suggest that the JPM XF Physical Copper Trust would lead to a scarcity of particular grades or brands of copper, the SEC said.
      "The commission does not believe that ... as a result of the trust, it is much more likely that brand-sensitive end-users of copper will not be able to obtain their desired brands of copper at their desired locations," the filing said.
      The latest missive came after a last-ditch effort by a consortium of copper users to get the SEC to reverse its decision. Their attorney Robert Bernstein with law firm Eaton & Van Winkle LLP asked the regulator in a letter dated Jan. 9 to block the fund.
      Last month, two firms from the group, Southwire Co and Encore Wire Corp, said they were preparing to fight the ruling in the U.S. Court of Appeals.
      The consortium, which represents half the annual copper demand of the United States, has also opposed another, similar fund, the iShares Copper Trust, planned by BlackRock Inc . The SEC gave its seal of approval for that product last month.
      This week's filing also rejected concerns raised in the January letter that long lines in some warehouses would delay investors getting their metal

      Sentiment: Strong Buy

    • 04 March Update: Fellow Longs, checkout today's article on the website 'Money Morning' by Tony Daltorio entitled, "Investing in Copper: Why Prices will Rebound in 2013." Don't let the latest policies in China scare you. They only move prices at the margin. Macro picture in China/India is a freight train that cannot be stopped. Cooling the market for people buying second homes in China has nothing to do with bringing electricity to hundreds of millions of people. It will be a beautiful thing when copper prices start to move back up towards $4/lb the same time Mt. Milligan is 100% complete. Hold Fast!

      Sentiment: Strong Buy

    • BlackRock Inc, the world's largest money manager, has won approval from the U.S. securities regulator to list a copper-backed exchange-traded fund, potentially moving ahead of JPMorgan whose listing of a similar product has been delayed by industry objections.

      Sentiment: Strong Buy

    • Moly LME Warehouse level is at a 52wk low, which is good for TC. However the Copper LME Warehouse level is at a 52wk high. I'm hoping this ETF takes a lot of that copper off the market to move copper prices north of $4.00

 
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