Market News Commodities Erase Gain for 2011 as Faltering Economy May Curb Consumption |
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Commodities Erase Gain for 2011Carla Gottgens/Bloomberg On the Comex in New York, silver for September delivery fell as much as 6.2 percent, and copper futures dropped to a one-month low. On the Comex in New York, silver for September delivery fell as much as 6.2 percent, and copper futures dropped to a one-month low. Photographer: Carla Gottgens/Bloomberg Aug. 4 (Bloomberg) -- Richard Cookson, global chief investment officer at Citigroup Inc.'s Private Bank in London, talks about his investment strategy for government bonds, corporate debt and commodities. He speaks with Maryam Nemazee and Manus Cranny on Bloomberg Television's "Last Word." (Source: Bloomberg) Commodities slumped, erasing gains for the year, on growing concern that the global economic recovery is faltering. The Thomson Reuters/Jefferies CRB Index of 19 raw materials slumped 2.4 percent to 329.31 as of 1 p.m. in New York, led by declines in silver, energy and nickel. A settlement at that level would leave the index down 1 percent for the year. ?€œThe global slowdown is taking root and poised to vanquish hopes of a second-half rebound,?€ James Dailey, who manages $185 million at TEAM Financial Management LLC in Harrisburg, Pennsylvania, said in an e-mail. ?€œThat should result in softer- than-expected demand for industrial commodities in particular.?€ Concern the global economy may relapse into a recession has driven investors out of stocks and into the relative safety of Treasuries, the Swiss franc and yen. The Standard & Poor?€™s 500 Index is heading for the biggest nine-day slump since March 2009, while two-year Treasury yields plunged to a record low. Service industries in the U.S., the largest part of the nation?€™s economy, expanded in July at the slowest pace in 17 months, a report showed yesterday. European services and manufacturing growth eased last month to the slowest pace in almost two years. Crude-oil futures fell to the lowest level in five months on the New York Mercantile Exchange. On the Comex in New York, silver for September delivery fell as much as 6.2 percent, and copper futures dropped to a one-month low. To contact the reporter on this story: Yi Tian in New York at This e-mail address is being protected from spambots. You need JavaScript enabled to view it To contact the editor responsible for this story: Steve Stroth at This e-mail address is being protected from spambots. You need JavaScript enabled to view it Authors: Commodities - Yahoo! News Search Results |
