US commodity ETFs haemorrhage cash as investors bail at record pace
Hedge funds expect more losses, betting on price declines for gold, copper, corn and natural gas
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New York
INVESTORS can't seem to get away from non-energy commodities fast enough.
A record US$857 million was pulled this year from US exchange-traded funds (ETFs) backed by broad baskets of everything from grains to metals, according to data compiled by Bloomberg through Dec 23. The value of the funds plunged 26 per cent as raw materials tumbled to a 16-year low. Hedge funds are expecting more losses, betting on price declines for gold, copper, corn and natural gas.
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