May 18 (Bloomberg) -- Inflows into commodity mutual funds were $352.6 million in the week ended May 13, the largest in seven weeks, researcher EPFR Global said.
Raw-materials funds have attracted $4.8 billion this year, lifting total assets under management to $31.7 billion, Brad Durham, managing director for research at the Cambridge, Massachusetts-based fund-tracking firm, said in a May 15 e-mail. Last week’s inflows were the biggest since the week ended March 25, he said.
Commodities as measured by the Reuters/Jefferies CRB Index had gained 4.9 percent this year as of May 13, rebounding from the biggest slump in five decades in 2008. Natural resources from nickel to crude oil climbed in May’s first two weeks on optimism about a revival in the world economy and its effect on demand.
“Flows are being driven by the recovery in commodity prices,” Durham said in the e-mail. “Faint improvement in economic data recently is fueling hope of global economic recovery and demand for commodities.”
The Bloomberg Professional Global Confidence Index climbed to 38.72 in May from 21.2 in April, the biggest increase since the survey began in November 2007.
Investors put $150.5 million into energy mutual funds in the week ended May 13, the most in eight weeks, according to EPFR. Energy funds have drawn $1.2 billion this year, increasing total assets to $19.5 billion.
To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net
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