February 2012 | Base Metals
AUM up for a fifth straight week, but the run cannot last: Funds focus
Central banks have the liquidity taps open, which has become the primary driver of prices, despite a fragile and vulnerable economic outlook dampening the fundamental picture for the base metals. The futures and physical markets can remain out of sync like this for many months, but the disconnect is not sustainable indefinitely.
Our estimates show that total AUM rose by $7.3bn, or 5.9%, to $130.9bn in the week to February 3,...
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