(Bloomberg) -- Exchange-traded fund investors who kept the faith in commodities even as prices were little changed in 2017 are reaping the gains.
Invesco's PowerShares DB Commodity Index Tracking Fund climbed for an 11th straight session through Wednesday, the longest winning streak since it was listed in 2006. The fund attracted $10 million in each of the first two trading days of the year, taking total assets in the largest ETF tracking a broad basket of commodities to $2.29 billion.
The Bloomberg Commodity Index climbed for a 14th straight session Wednesday, the longest rally in records going back 1991, amid signs of improving demand for raw materials. The JPMorgan global manufacturing index climbed in December to the highest since at least 2015, as the official factory gauge in China, the world's largest consumer of industrial metals, maintained momentum.
Read more about the 2017 performance of commodities here.
Goldman Sachs Group Inc. analysts said in December the outlook for commodities is brighter over the next year, predicting the sector will post a 7.5 percent return. Commodities are also luring more speculators, as the combined open interest of raw materials tracked by Bloomberg Intelligence gained about 13 percent over the past year.
To contact the reporter on this story: Luzi Ann Javier in New York at ljavier@bloomberg.net.
To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net, Joe Richter, Steven Frank
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