Source: Securities Daily
Our reporter Wang Ning
Since May, leading commodities such as precious metals and copper have ushered in a strong upward trend, with some of them hitting new highs at a certain stage. At the same time, the net value of such funds as commodity funds, mixed equity funds and QDII (qualified domestic institutional investors) mixed equity funds also rose significantly.
Wind information data shows that as of May 24, among the nearly 4600 commodity, mixed equity, QDII mixed equity and other public funds, 3803 products had positive returns this month, of which 85 had a yield of more than 5%, and the highest yield was more than 13%; According to the theme performance, commodity funds such as silver and soybean meal rank top.
Data shows that among the above funds, SDIC UBS Silver Futures C, Huaxia Feed Soybean Meal Futures ETF, Dacheng Non ferrous Metal Futures ETF, Huaxia Gold ETF, Cathay Pacific Gold ETF, Harvest Shanghai Gold ETF and other products have achieved good returns, among which SDIC UBS Silver Futures C ranks first with a monthly yield of 13.45%.
In the view of many analysts, the above related funds can achieve good returns, mainly because the price of the underlying assets has improved over the same period.
According to the data of Wenhua Finance, as of May 24, the contract range of COMEX gold in June fluctuated greatly, rising from the low point of $2285.2 per ounce to the high point of $2454.2 per ounce; The main contract of silver futures in July rose to the highest point of 32.75 dollars/ounce from the lowest point of 26.255 dollars/ounce in the month. In addition, COMEX copper futures, London Metal Exchange (LME) copper futures, Chicago Board of Trade (CBOT) soybean meal futures, Daisho soybean meal futures and other related main contracts also showed varying degrees of volatility. For example, the main 2409 contract of Daisho soybean meal futures rose from the lowest point of 3454 yuan/ton to the current 3659 yuan/ton in the month; LME copper futures rose from the lowest point of $9739/short ton in the month to the highest point of $11104.5/short ton, which is the first time since March 2022 that it has reached the $10000 threshold.
Cao Shanshan, a researcher of COFCO Futures Precious Metals, told reporters that on the whole, precious metals had completed a cycle of small rises and falls, but the current deposit capital was still at a high level. "Logically speaking, the rising logic of precious metals is the clearest. From this year to next year, gold is the most certain commodity. In the medium and long term, the certainty of precious metals is still there, long funds are unwilling to leave the market, and the liquidity is excellent. Subsequent gold will continue to attract new funds."
"Silver has shown better flexibility following the trend of gold, and it is expected that silver's probable rate will start rising again before gold." Cao Shanshan added that, in addition, nonferrous metals also have a logic of medium and long-term profit, and trading sentiment is also relatively enthusiastic. Slightly different from precious metals, the short hedging funds of nonferrous metals in the context of high levels and declining industrial processing fees, There is also strong support. The logic of both volume and price rises is very clear, and the growth of precipitation funds is also significant.
However, as for the short-term market performance, Xu Ying, the macro chief analyst of Dongzheng Derivatives Research Institute, told the reporter that the inflation pressure in the overseas market was still on, and the market's further delay in the expectation of the Federal Reserve's interest rate cut would still have a direct impact on the trend of precious metals. At the same time, the rising market of nonferrous metals represented by copper futures showed a trend of long profit taking, and the risk appetite that continued to rise in the earlier period may be adjusted.
In this month, in addition to the synchronous rise of the income and the price of the underlying assets of the above related products, the share of the products also has a synchronous rise. Data shows that, as of May 14, since May, the shares of products including SDIC UBS Silver Futures A, Huaxia Feed Soybean Meal Futures ETF, Huitianfu Gold and Precious Metal A have increased to varying degrees, of which SDIC UBS Silver Futures A has jumped to the top of the list with a share increase of 13.12%. At the same time, among the 57 commodity funds, only one product's share declined in a month, while the share of the other products showed a positive growth trend.
It is worth mentioning that, as of May 24, among the top 10 products in the overall performance list of public funds in the year, there are 4 products with the theme of gold and silver. Huaxia CSI Shanghai Shenzhen Hong Kong gold industry stock ETF ranks first with a yield of 35.93%, and SDIC UBS Silver Futures A ranks fourth with a yield of 29.15%, Yongying CSI Shanghai Shenzhen Hong Kong Gold Industry Stock Connect A and Yongying CSI Shanghai Shenzhen Hong Kong Gold Industry Stock ETF rank fifth and sixth with 27.97% and 27.67% returns respectively.
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