Thrill is gone as metals investors start to ditch ETFs
About US$90.4m has been removed on a net basis last month through June 28, heading for the largest outflow since July 2015
New York
AFTER luring investors this year with tantalising glimpses of renewed Chinese demand and supply constraints, industrial metals are losing their lustre.
Money is exiting long-only exchange-trade funds (ETFs) in a torrent, and hedge funds and other large speculators are starting to follow suit. About US$90.4 million was removed on a net basis last month through June 28, heading for the largest outflow since July 2015, according to data compiled by Bloomberg Intelligence. Funds linked to industrial metals may see their biggest quarterly redemption since September 2015.
While lead, aluminium, copper and zinc remain among the best-performing commodities this year, investors have been cashing in on the metals' earlier rallies. That's because there are increasing doubts about demand growth in China an…
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