Commodities Snap 4-Day Advance on Fed Speculation

Commodities Apr 26, 2011 No Comments

costCommodities snapped a four-day winning streak, led by declines in silver and copper, on speculation the Federal Reserve may end its bond-buying program and as China was said to be tightening its credit policy.

Copper for three-month delivery dropped as much as 3.3 percent, the most since March 9. Futures caught up with losses in New York and Shanghai after the London exchange resumed trading today after a two-day holiday. Zinc fell as much as 4.7 percent to $2,249 a ton, also the most since March 9.

The Standard & Poor’s GSCI Index of 24 raw materials lost as much as 0.9 percent to 745.49, the biggest intraday loss since April 19. The index was 0.2 percent lower at 751.12 at 12:47 p.m. London time. Silver fell as much as 5.4 percent and copper slumped 2.5 percent.

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via Commodities Snap 4-Day Advance on Fed Speculation, China Credit – Bloomberg.com.

Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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