commodity prices plunge, but analysts see the decline as temporary
experts explain that the decline in raw materials does not respond to a new financial crisis, but rather to a correction after a strong rally upward.
by Isabel Alvarez
Oil prices fell $ 100, silver is with its biggest rally in almost twenty years and copper closed under $ 4 a pound in London. Such was the scene yesterday in the commodities market worldwide.
And is that bad economic data this week mainly known in the United States have plunged to raw materials in a black week, which yesterday reached its most dramatic after the S & P GSCI Index - which follows the performance of 24 commodities, had its biggest drop since 2009 to fall 6.5%. During the week, meanwhile, accumulated nearly 10% decline.
nervousness gripped the market when the requests for unemployment benefits did not meet market expectations, which unnerved investors and raised concerns about the data non-farm payrolls will be known today. That boosted the dollar in the world, putting another factor against the commodities.
One of the strongest fell yesterday was the WTI oil, whose futures for June delivery fell 8.64% to U.S. $ 99.8 a barrel in New York. The value spot, meanwhile, lost 8.17% and managed to close at U.S. $ 100. In this particular case, the fall was also due to rise more than expected U.S. inventories.
same thing happened with the copper on the London Metal Exchange, where the value of copper spot was a decline of 4.15% to U.S. $ 3.98 a pound, which is the lowest recorded price this year.
Precious metals, meanwhile, was not a retreat this time. After scoring highs silver is at its worst three-day winning streak since 1983, after falling 6.08% to U.S. $ 37.84 an ounce. Gold, meanwhile, fell 1.4% to U.S. $ 1.514 an ounce.
positive scenario continues
But this sell-off of commodities would be temporary. "The cycle of rising long-term remains largely intact," say at the table of metals at RBC Capital Markets. Although caution that this correction is not over yet and could take several months before "the process of renewed recovery generated the necessary confidence to sustain high prices again. "
have similar vision at Barclays Capital, in its daily report argue that low copper psychological level of $ 9,000 (U.S. $ 4.08)," could spark a growing interest China, where buyers have shown an appetite these price levels. "
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