10 July 2024
Sprott Inc. has launched the Sprott Physical Copper Trust on the Toronto Stock Exchange, holding over 10,000 metric tons of copper, mainly in Asia. Despite plans to raise an additional $500 million to acquire 50,000 more tons, Sprott asserts the fund is too small to impact the global copper market, which produces 22 million tons annually. Unlike past controversial copper-backed funds from BlackRock and JPMorgan Chase, Sprott’s CEO John Ciampaglia believes their fund provides an alternative investment without significantly affecting market availability or prices.