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Monday massacre is just not limited to stocks, emerging markets currencies along with commodities are down to ground to start the week. Bloomberg commodity index has dropped to lowest in 16 years over concerns arising from China as well as global growth.
According to some analysts, deflationary fear is back and it might derail the plans of rate rise from hawkish central banks (FED and BOE).
Bloomberg commodity index, which includes 22 key commodities from Egg to natural gas to gold dropped sharply today to start off the week.
- WTI benchmark is down close to -2.5% to trade at $39.4/barrel, lowest since 2009. Brent is slightly better performer, down -1.95%.
- Natural gas is down -1.5%, trading at $2.64/mmbtu.
- Even Gold failed to gain on safe haven bids, marginally down while silver is down -0.8%.
- Copper, leading industrial metal dropped by -2.2%, to trade at $2.25/pound.
- Corn, Wheat, Cocoa, Cotton, Live Cattle all down between 1 to 2%.
The above chart from Financial Times, shows Bloomberg commodity index has fallen to 86.8 area, lowest since 1999.
