FXStreet (Edinburgh) – Jim Reid, Analyst at Deutsche Bank, reviewed the recent performance of the commodities’ space.
Key Quotes
“China aside, the wider theme in markets at present continues to be the commodities slump and yesterday we saw another decent leg lower for Oil markets in particular with Brent (-2.11%) now joining WTI (-0.68%) in re-entering a bear market having slumped to $53.47/bbl”.
“It has now lost 20% from the June 10th high of $67.00, declining to a four-month low in the process”.
“The turbulence in China certainly isn’t helping matters while export data showing Southern Iraq output rising to an all-time high added to the weakness”.
“Meanwhile Gold (-0.47%) did its best to wipe out the bulk of Friday’s gains while Silver (-0.78%) and Platinum (-0.53%) also moved lower”.
“Copper (-1.43%) added to the broad-based weakness, extending its record lows while Aluminum (-0.21%) also declined”.
“All-told that’s seen the Bloomberg commodity index fall further, declining 1.22% overnight for its fourth consecutive down day and 10th in the last 11 sessions and in turn extending its 13-year lows”.
(Market News Provided by FXstreet)