Commodity ETFs End Year with Longest Rally on Record

Commodities market and related exchange traded funds may not have started off the year on a stable footing, but the asset category is ending 2017 on a high note with one of its longest back-to-back gains on record.

The Bloomberg Commodity Index, a measure of 22 raw materials, closed up 11 days in a row, and if it remains positive on Friday’s close, it would be the longest run in records dating back to 1991, Bloomberg reports.

The actively managed ETFS Bloomberg All Commodity Strategy K-1 Free ETF (NYSEArca: BCI), which follows the Bloomberg Commodities Index and tracks the price of rolling positions in a basket of commodity futures with a maturity between 1 and 3 months, and the actively managed GraniteShares Bloomberg Commodity Broad Strategy No K-1 ETF (COMB), which is benchmarked to the Bloomberg Commodity Index and structured as 1940 Act fund, are both up about 3.0% over the past week.

Meanwhile, the PowerShares DB Commodity Index Tracking Fund (NYSEArca: DBC), the largest broad commodity-related ETF, added 2.7% over the past week.

While the Bloomberg Commodity Index and the broader commodities market have strengthened in recent weeks on improving crude oil, copper and gold prices, the commodities space remains well below 2008 highs.