Metals Investors Seeing Slowdown Head for Exit From ETPs
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Investors are pulling out of industrial-metals funds at the fastest pace in 15 months, signaling increased concern that a faltering global economy will slow demand for everything from cars to appliances.
U.S. exchange-traded products backed by the metals saw an outflow of $55 million this month, the most since July 2013, data compiled by Bloomberg show. Hedge funds have bet on lower copper prices for five weeks, the longest stretch since April. London Metal Exchange open interest is the lowest in 19 months for zinc futures and down 10 percent for aluminum this year.