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ETF Securities reports highest weekly flow into robotic ETFs

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ETF Securities reports that last week saw record inflows of USD56.3 million into robotic ETFs, the highest weekly flow since their inception.

The firm writes that inflows into cybersecurity ETFs rose to USD15.9 million, the highest since June 2017.

“Robust inflows into these ETFs track a broader trend of strong performance in technology stocks (the S&P 500 Information Technology Index has risen 5.1 per cent year-to-date for example). However, the increased of utilisation of automation and growing concerns about software security have piqued interest in this sub-class of technology in particular.”

Inflows into long broad industrial metal ETPs amounted to USD22.5 million (a three week high) and inflows into long copper ETPs amounted to USD14.9 million (a six week high). Global Manufacturing Purchasing Indices (PMIs) rose to a seven-year high at the end of 2017.

“The PMI survey indicates that demand for industrial metals will be strong in 2018 with growth of output, new orders and employment reaching levels last achieved in early2011. Last week’s China custom’s import data revealed that 2017 imports of copper ore and concentrate rose to an all-time high.”

Turning to oil, long crude oil ETPs outflows of USD29.3 million followed a 3.3 per cent oil price rally last week.

ETF Securities writes: “Oil ETPs saw their 19th consecutive week of outflows. Investors appear to be taking profit on the most recent oil price rally. Oil prices touched USD70/bbl last week, up from USD56/bbl a year ago. Oil prices have received a tail-wind from falling crude oil inventories in the US, increased geopolitical tensions (in particular in Iran) and strong compliance by OPEC countries with their deal to curb production.

“However, looking beyond the headlines we see that gasoline inventories have risen (indicating that inventories have simply shifted from crude to product). Geopolitical issues tend to wax and wane and so we doubt that the geopolitical premium will be persistent. US production of oil is likely to rise to an all-time high in 2018. Lastly with prices currently so strong, the incentive for OPEC countries to end their deal prematurely in June has increased. Although momentum may push oil prices back above USD70/bbl, we don’t think prices are sustainable at that level if fundamentals re-assert themselves over the coming month.”

USD ETP shorts rose to a five week high, as rumours that China will curb its purchases of US Treasuries (although never substantiated) spooked the market and led to a 1.5 per cent depreciation in the dollar basket (DXY), ETF Securities says.

“There were USD6.6 million inflows into short US Dollar ETPs, mainly against the Euro. News that Angela Merkel’s Christian Democrat (CDU) party in Germany had reached a breakthrough with the Social Democrats (SPD) on Friday to form a coalition lent support to the Euro.”

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