SEC approves JPMorgan's plan for copper ETF

The Securities and Exchange Commission has approved JPMorgan Chase & Co's controversial plan to launch an exchange-traded fund physically backed by copper, it said on Monday.

The filing, dated December 14 and posted on the SEC website on Monday, paves the way for the U.S. bank to launch the product, which has been criticized by copper fabricators and a U.S. politician, just over two years after its first application in October 2010.

(Reporting by Josephine Mason; Editing by Lisa Von Ahn)