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Oil prices "plunge"
Posted: May 5, 2011
Wonder if consumers will see a plunge...
Oil leads commodities price plunge
By Gregory Meyer in New York and Jack Farchy in London
Published: May 5 2011 19:29 | Last updated: May 5 2011 20:10
A record plunge in oil prices led the sharpest sell-off in commodities in two years on Thursday as investors fled the market amid mounting concern over the strength of the global recovery.
Brent crude, the oil benchmark, tumbled more than $10 a barrel – its biggest fall in absolute terms – as investors bet that recent sharp gains in raw material prices would sap demand and compel emerging countries’ central banks to raise interest rates to head off runaway inflation.
Fears about the strength of the US economy have returned after weaker-than-expected growth and jobs figures. Petrol prices in the US are approaching $4 a gallon, hitting households hard and squeezing people’s disposable income.
The steep slide in everything from cocoa to silver and other metals, including copper and tin, could mark an end to the impressive bull run that has taken the prices of many commodities to record highs. It came a day after Glencore, the world’s biggest commodities trader, unveiled details of its multi-billion dollar flotation.
Some investors were yesterday drawing comparisons with the initial public offerings of Goldman Sachs and Blackstone, the private equity group, which marked the top of their respective markets.
More here:
http://www.ft.com/cms/s/0/6e573da6-7743-11e0-aed6-00144feabdc0.html?ftcamp=rss#axzz1LVafKJlO
"Sell in May and go away" - Still holds true, I guess
[ In Reply To ..]I was selling most stock last month in anticipation of the annual summer market slow down. Happens most years.
More drops in prices - Backwards Typist
[ In Reply To ..]They are saying it was due for a correction. I doubt we will see lower prices because of this.
Silver futures slid 8% to $36.2310 a troy ounce, notching its worst four-day drop since 1980. The metal is now down more than 25% since Friday after exchange operator CME Group Inc. once again raised the costs for investors to trade the metal. Silver's dramatic plunge from record highs has set the tempo in other commodity markets that had neared price milestones of their own, as weak economic data helped spread fears that consumers and businesses will struggle with rising costs for basic goods.
Copper prices dropped below $4 a pound for the first time this year, losing 3.3% to $3.9855.
Gold also fell, with the metal losing 2.2% at $1,480.90 a troy ounce.
Cotton for July delivery on Intercontinental Exchange was down 3.2% at $1.4660 a pound in midday trade. Cocoa futures for July shed 4.9%, trading at $3,054 a ton and arabica coffee was down 3.2% at $2.8500 a pound, sharply off the 14-year high prices touched on Monday.
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