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Monday, February 25, 2013
BMO Conference: No Company Position on Copper ETFs- Freeport-McMoRan CEO:
Copper exchange-traded funds “are controversial for some of our downstream” clients, says Richard Adkerson, Freeport-McMoRan president and chief executive officer, but he adds that officially the world’s largest publically traded copper company has no stated view on copper ETFs. Adkerson says his downstream clients concerns are that a copper ETF has the potential to take metal off the market during tight supply situations. “As a company we have no position on them. We see (ETFs) … as part of the financial landscape,” he says. Recently JP Morgan received approval recently to list a copper ETF, but that has been delayed by industry objections. Money-manager BlackRock just received approval from U.S. securities regulators to list a copper-backed ETF. Adkerson spoke Monday at the BMO Global Metals & Mining Conference in Florida.
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