Commodities Erase Gain for Year in Worst Run Since 2008

Commodities May 11, 2012 No Comments

CommoditiesCommodities fell for an eighth straight session, wiping out gains for the year, after data from Asia showed a further slowdown in industrial output.
The Standard & Poor’s GSCI Spot Index of 24 commodities headed for its longest slump since December 2008.

It dropped to 640.46, the lowest since Dec. 22. As of 3:15 p.m., the measure had fallen 0.9 percent at 641.92, down 0.5 percent since Dec. 31. The last annual decline was in 2008, before a rally that saw the gauge double over the next three years.

Twenty-one of the raw materials tracked by the GSCI fell, led by cotton, soybeans and lead. Crude oil and copper capped their second straight weekly losses after industrial output slowed in China and shrank in India, adding to concerns that economic growth is stalling as Europe struggles with a debt crisis.

via Commodities Erase Gain for Year in Worst Run Since 2008 – Bloomberg.

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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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