Silver Spot – Nornickel fund lists physically-backed copper and nickel ETCs in Germany
LONDON, Aug 31 (Reuters) – A fund set up by Russian miner Norilsk Nickel (Nornickel) said on Tuesday it had listed physically-backed exchange traded commodities (ETCs) offering investors exposure to copper and nickel prices on Germany’s Xetra exchange.
The Global Palladium Fund (GPF) launched the products on the London Stock Exchange and Borsa Italiana in June. Investments in them are underpinned by metal stored in warehouses in Rotterdam.
Prices of copper and nickel have risen to multi-year highs this year and the world’s transition from fossil fuels is expected to add to demand.
Copper is used in power grids and wiring, and nickel is an ingredient in batteries that propel electric vehicles.
The GPF launched gold, silver, platinum and palladium ETCs in January. (Reporting by Peter Hobson Editing by Mark Potter)