Lead by oil and metals, especially copper, the downward march of commodity prices continues apace. Oil fell under $US44 a barrel yesterday; it's more than $US103 down from the July peak of $US147.47 a barrel. Oil is at a three and a half year low.
Oil will dominate interest this week in commodity markets, even after OPEC members delayed a decision on whether to cut production again this year. That's because the delay is only until December 17 and the next full meeting of OPEC.
Gold rose back above $US800 an ounce on Friday and ended the week 8% percent higher, as investors rediscovered the metal after a month of ignoring its supposed virtue of being a safe haven in tough times.
A new study concludes that governments around the world are enacting a variety of trade-restrictive measures to gain an unfair advantage in the race for raw materials.
Dollar demand for gold reached an all-time quarterly record of US$32bn in the third quarter of 2008 as investors around the world sought refuge from the global financial meltdown, and jewelry buyers returned to the market on lower price points according to Gold Demand Trends released today by World Gold Council (WGC). This figure was 45 percent higher than the previous record in Q2 2008. Tonnage demand was also 18 percent higher than a year earlier.
Coal is on the rise and likely to remain the chief power source globally well into the 21st century, this according to a new study released by the International Energy Agency.
Once again nothing was spared in last week's selling crunch. Shares, currencies and commodities were either pounded or pursued, such as the yen and the greenback.
The U.S. just joined the European Union in setting a date certain to ban their mercury exports, thereby reducing the supply of commodity mercury into the world market.
