ETFS to issue physically-backed industrial metal ETCs

The range will include exposure to aluminium, copper, lead, nickel, tin, zinc, as well as a basket containing all six of these metals. The announcement from ETFS follows the recent opening of the firm's metal account with the London Metal Exchange (LME). ETFS is proposing that applications and redemptions by market makers are made against delivery of LME warrants. These warrants are certificates for a specific tonnage of an approved brand of metal in a LME warehouse and are used to settle short positions. Deutsche Bank in London will provide trading, administration and custody serv...