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Southwire and Encore wire opposing ETF copper fund

Two of the largest U.S. wire companies, Southwire Co. and Encore Wire Corp., have taken the first step to launch a legal challenge against the U.S. Securities and Exchange Commission approval of JPMorgan Chase & Co's physically backed copper exchange traded fund (ETF).

Reuters reports that the companies, concerned that the copper ETF will inflate prices for the metal and affect supplies, filed a notice of appeal asking the U.S. Court of Appeals in Washington D.C. to review the SEC's Dec. 14 ruling that gave the go ahead for the copper ETF. The companies, the article said, contend that the SEC's ruling was "arbitrary and capricious, an abuse of direction, or otherwise not in accordance with law or unsupported by substantial evidence," per the petition signed by their attorney Robert Bernstein with law firm Eaton & Van Winkle LLP

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