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Platinum and broad commodity ETCs see strong inflows

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ETFS All Commodities saw its largest inflows since last August during the week ending 6 March with nearly USD20m of inflows, putting it at the top of the exchange traded commodity flow

ETFS All Commodities saw its largest inflows since last August during the week ending 6 March with nearly USD20m of inflows, putting it at the top of the exchange traded commodity flow table, according to ETC provider ETF Securities.

ETFS All Commodities provides broad commodities exposure, supporting the view that in the current financial environment investors are increasingly interested in raising their exposure to a wide range of hard assets.

ETFS Physical Platinum saw USD15m of inflows, the second largest last week, bringing total inflows since the end of November to USD115m. The rise marks the tenth consecutive weekly rise in inflows into the ETC. Platinum holdings are now up 79 per cent from their low point at the end of November last year.

In terms of price performance, platinum has been the second best performer among ETF Securities long ETCs, up 19 per cent year-to-date. Only ETFS Physical Silver has had stronger returns, up 25 per cent this year.

As well as with platinum, industrial metals had an extremely strong week, with ETFS Copper up 9.8 per cent and ETFS Zinc up nine per cent, and broad-based ETFS Industrial Metals up four per cent. Copper has rebounded very strongly this year, rising by 19 per cent so far in 2009, behind only silver and platinum.

A rebound in a number of China’s manufacturing indicators, hopes the country’s large fiscal stimulus program will boost metals demand and extremely beaten down prices at the end of last year appear to be key factors driving the rally, says ETF Securities.

Gold flows were mixed last week with ETFS Physical Gold seeing inflows of USD9m and ETF Securities’ Australian-listed product attracting USD4m, but Gold Bullion Securities suffered USD80m of outflows. So far this year flows into these three physically-backed gold ETCs are up USD906m. Last week was the first in two months to experience net negative flows from the gold ETCs.

Oil ETCs saw net outflows of USD23m last week, only the second week of net outflows in the past 18 weeks. Overall positioning towards oil remains bullish however, with net cumulative long holdings up over USD800m so far this year. ETFS Short Crude Oil has seen net cumulative outflows of USD38m this year.

ETFS Agriculture continued to see a rise of inflows last week, the seventh consecutive weekly rise. Net inflows now total USD120m so far this year.

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