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ETF Securities reports record commodity ETP inflows

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ETF Securities writes that last week saw the highest inflows into commodity ETP baskets since May 2016. The firm writes that following five years of
underperformance, commodities made a come-back in 2016.

“We continue to see interest in diversified commodity baskets as more investors rotate toward the asset class. Equities have had a strong week with inflows of USD39 million. Thematic styles such as Robotics, US small caps and cyber security all saw inflows whilst Australian equities saw USD12.6 million inflows. That came despite world equities seeing a decline in performance over the week, suggesting investors are searching for alternative investment styles as valuations rise. Investors are getting noticeably more bearish onbroad equities. For example we saw USD16 million inflows into short European Stoxx 50 equities and USD15 million of outflows in long positions.”

ETF Securities writes that in terms of thematics, Robotics particularly remain in favour with year-to-date inflows totalling USD50 million. “The rout in precious metal that begun after the US presidential election now looks to be over, with inflows into gold of USD59.6 million over the last week and USD96.6 million since the beginning of the year. Recent payroll figures suggest a mixed employment picture. The FOMC implied that a March rate hike, whilst being data dependent, was unlikely, with a persistence of negative real interest rates most likely in our view.”

“Outflows from long crude oil ETPs of USD42.1 million followed a 7 per cent rally in oil prices last week as investors took profit. While OPEC is one month into its six month production cut, the US continues to increase production. US inventory is rising as more oil rigs come into operation every week in the in the US.”

ETF Securities reports that inflows into industrial metal baskets totalled USD12.9 million. “Against the odds, most industrial metals continue to rise. Last week’s surprise announcement from the Philippines that it will close 23 nickel mines sent the price of the metal soaring by 8 per cent. Largest outflow from long Yen ETPs since September 2015. Investors appear concerned that Yen weakness is here to stay, after divesting funds in ETPs tracking long
EUR/JPY positions at the fastest rate since inception(2012), totalling USD4.8 million last week. With inflation expectations rising in Europe, and as the ECB is nearing the limit of its QE activities as it is expected to taper its asset purchase programme toward yearend, the Euro should benefit.”

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