INVESTING IN COMMODITIES
Showing The Money Fund flows into commodity markets have continued to rise
despite a difficult six months – even though some analysts are warning of a slowdown as weak returns dent investor confidence [see page 42 for exchange traded products]. Money managers have piled into commodities in recent years
in search of stronger returns and protection away from troubled equity and bond markets. After a weak Q2 2011, a strong start to Q3 is reported by Barclays Capital which (alongside some significant price appreciation) has pushed commodity AUM (indices, ETP, MTNs) to US$431 bn (end-July 2011). In fact, more generally healthy commodity market fundamentals are in contrast to the big deterioration in general financial market sentiment.
... a strong start to Q3 ... has pushed commodity assets under management to US$431 bn
“The striking degree of strength in the commodity specific fundamentals of many key markets suggests that a brightening in the economic outlook could, in short order, translate into much higher prices,” according to Suki Cooper, commodities analyst with Barclays Capital. This, however, is not the first time investors in the sector have got jittery in the last two years. It’s just symptomatic of the unease
out there about the global economy and the consequent gyrations of prices. As Cooper notes, “Each time, the markets’ worst fears about the health of the global economy failed to materialise. Against a consistently positive picture for commodity market fundamentals of rapidly growing demand, struggling supply and falling inventories, prices rebounded rapidly.”
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