Commods inflows almost like year ago: JP Morgan

NEW YORK (Reuters) - Investors poured more than $12 billion into investment products linked to gold, energy and grains since the start of 2009, almost matching last year's early momentum when commodity prices hit record highs, J.P. Morgan (JPM.N) said.

"The theme song continues; investors continue to favor specific commodity exposure rather than the broad asset class," the U.S. bank said.

"Beta specialty funds are driving most of the inflows, largely into exchange-traded products," J.P. Morgan said in a note to investors seen by Reuters on Friday.

Beta relates to returns on investment that are according to market expectations. Exchange-traded products, or ETPs, include securities of commodities like gold and oil that trade on an exchange just like stocks.

J.P. Morgan said gold was the main beneficiary of this year's inflows into commodities, attracting $9 billion.

Investments in oil and energy-linked funds came in next, with $3.4 billion, it said.

Agriculture-linked ETPs generated more modest positive inflows of $461 million year-to-date, J.P. Morgan said.