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Investors profit-take and diversify within commodities

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9 år sedan

den

21 mars, 2016

Redaktionen

Investors profit-take and diversify within commodities – Commodity ETP Weekly

Highlights

Investors sold out of gold and oil ETPs, locking in profits after a 19.5% and 11.4% return year-to-date.
At the same time they are seeking opportunities elsewhere, hoping for a catch-up in performance from some of the laggard commodities such as silver and palladium.
Investors appear optimistic that the commodity rally is becoming more pervasive with strong inflows into broad commodity baskets (US$10.4mn, a four-week high).

Gold sees first weekly outflows this year. Investors sold US$15.9mn of gold ETPs, locking in profits after a 19.5% return since the beginning of the year. At the same time they increased holdings of long silver ETPs by US$12.2mn, marking the fourth week of inflows, as the metal is progressively catching up its yellow counterpart. Silver price gained 3% last week while gold ended the week flat belying the volatility of gold over the course of the week. Last week saw gold falling ahead of the Federal Reserve’s policy meeting on Wednesday. However, the reluctance of the central bank to follow through with the rate tightening cycle it embarked on in December 2015, led investors to believe it is making a policy mistake. As a result, gold rallied 3% after the announcement. Despite upgrading its view of general price strength, the Fed downgraded the number of times it expects to raise rates this year. Labour market strength combined with robust and rising core inflation leads us to believe that the Fed should hike more and sooner than the market expects (the next rate rise is expected in September). A policy error in the making is likely to be gold price positive.

Investors sold oil ETPs amid the 3.7% gain last week. We saw the third consecutive week of outflows from oil ETPs last week. The US$22.6mn withdrawal was entirely from WTI oil ETPs. After a 31% rise in WTI prices in the last month alone, investors were keen to lock in profits. Investors into oil ETPs have always tended to be contrarian, which is reflected our flows. While the market is becoming increasingly optimistic that oil supply can come closer to balance this year as US production declines, Iran’s lack of cooperation with the rest of OPEC to freeze production remains a wild-card and has led some investors to pare back on oil holdings. We believe that Iran overestimates its ability to ramp-up production and exports to pre-sanction levels as the upgrade of existing operable fields and the need for further infrastructure build requires funding that is not supported by the economics. The increase of Iranian oil production in the coming year will likely miss target.

Investors rotate within industrial metals. Investors built US$2mn positions in short copper ETPs last week while buying US$2.7mn of long nickel and US$0.5mn of aluminum. This mainly follows copper’s outperformance among the complex last week, up 4% compared to 1.5% for nickel while aluminum fell 2.8%. Globally, a loose monetary policy setting bodes well for the industrial metals complex.

Key events to watch this week. In this shortened week, a number of PMIs (US, Euro area, Japan) are likely to grab the headlines as they provide a gauge for the strength of industrial demand and thus the demand for cyclical commodities. UK inflation data will provide judgement on whether the Bank of England is following in the footsteps of its US counterpart by ignoring the firm economic fundamentals.

Video Presentation

Nitesh Shah, Research Analyst at ETF Securities provides an analysis of last week’s performance, flow and trading activity in commodity exchange traded products and a look at the week ahead.

For more information contact

ETF Securities Research team
ETF Securities (UK) Limited
T +44 (0) 207 448 4336
E info@etfsecurities.com

Important Information

General

This communication has been provided by ETF Securities (UK) Limited (”ETFS UK”) which is authorised and regulated by the United Kingdom Financial Conduct Authority.

Liknande ämnen:ETF Securities Nitesh Shah råvaror

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Publicerad

7 timmar sedan

den

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Redaktionen

The third week of December was rough for crypto prices. The Nasdaq Crypto Index™ (NCI™) fell 9.7%, led by lackluster performance from Bitcoin (-3.2%) Ethereum (-2.3%) and Solana (-6.4%). This negative performance comes after weeks of strong price action in the crypto market, fueled by a series of positive developments. On Wednesday, the Fed lowered rates once again but Chair Powell suggested these cuts may slow.

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From Hashdex: With the year’s end approaching, we would like to invite our readers to explore our Outlook 2025, as it offers key insights to help investors confidently navigate the crypto market in this upcoming year.

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X026 ETF satsar på småbolag i Europa som förändrar klimatet

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den

23 december, 2024

Redaktionen

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Investeringsmål

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Handla X026 ETF

Amundi MSCI Europe Small Cap ESG Climate Net Zero Ambition CTB UCITS ETF Dist (X026 ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
gettex	EUR	X026
XETRA	EUR	X026

Största innehav

Denna fond använder sig av fysisk replikering för att spåra det underliggande indexet.

Namn	Valuta	Vikt %	Sektr
INTERMEDIATE CAPITAL GROUP	GBP	1.09 %	Finans
BANCO DE SABADELL SA	EUR	1.08 %	Finans
HOWDEN JOINERY GRP PLC	GBP	0.94 %	Industri
DIPLOMA PLC	GBP	0.94 %	Industri
ROTORK PLC	GBP	0.79 %	Industri
IMI PLC	GBP	0.73 %	Industri
TATE & LYLE PLC	GBP	0.72 %	Dagligvaror
BAWAG GROUP AG	EUR	0.72 %	Finans
GALENICA AG	CHF	0.71 %	Health Care
MARKS & SPENCER GROUP PLC	GBP	0.71 %	Dagligvaror

Innehav kan komma att förändras.

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Redaktionen

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Beskrivning

Valour’s Certificate-produktlinje erbjuder börshandlade produkter som uppfyller kraven, var och en helt säkrad av sina respektive digitala tillgångar. För att säkerställa säker kylförvaring samarbetar Valour med nivå 1-licensierade förvaringsinstitut som Copper. Handlade på reglerade börser och MTFer ger dessa certifikat transparent prissättning och likviditet, vilket stärker investerarnas förtroende för säkra digitala tillgångsinvesteringar. Valours grundprospekt är godkända av Finansinspektionen och uppfyller EUs krav på fullständighet, tydlighet och konsekvens.

Produktinformation

Handla Valour Pendle SEK

Valour Pendle (PENDLE) SEK (Valour Pendle SEK) är en europeisk börshandlad produkt som handlas på bland annat Spotlight Stock Market.

Det betyder att det går att handla andelar i denna ETP genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest, Levler och Avanza.