Dec. 9 （Bloomberg） -- Luvata, the maker of copper components used in everything from zippers to solar panels and robots, said 52 percent of people it polled expect an exchange- traded product backed by copper will “skew” supply and demand.
Another 18 percent said an ETP will “tie up valuable material” and 27 percent said it will bring a “healthy new market dynamic,” spokesman Justin Roux said by phone from London today. The survey, on the company’s website, was based on responses from about 250 people over the last month, he said.
“Mankind doesn’t need any more financial products,” Chief Executive Officer John Peter Leesi said. “Copper is only useful when you make it into something.”
Luvata buys about 350,000 metric tons of copper a year for its 38 plants in countries including China, the U.K., U.S. and Italy.
--Editors: Claudia Carpenter, Stuart Wallace
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