{"id":418135,"date":"2011-05-05T18:10:22","date_gmt":"2011-05-05T18:10:22","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/05\/commodity-prices-see-sharp-fall\/"},"modified":"2011-05-05T18:10:22","modified_gmt":"2011-05-05T18:10:22","slug":"commodity-prices-see-sharp-fall","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/05\/commodity-prices-see-sharp-fall\/","title":{"rendered":"Commodity prices see sharp fall"},"content":{"rendered":"<p><div readability=\"77.6394324853\"><span><span>5 May 2011<\/span> <span>Last updated at<\/span> <span>14:10 ET<\/span><\/span><\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-13301784#story_continues_1\">Continue reading the main story<\/a> <\/p>\n<p>Commodity prices fell on Thursday for a fourth day, following weak economic news from Europe and the US.<\/p>\n<p>Oil prices fell, with US light, sweet crude down 5.2% at $103.44 a barrel.<\/p>\n<p>US weekly jobless claims figures hit an eight-month high last week, while German industrial orders fell unexpectedly in March.<\/p>\n<p>There are also concerns about what will happen to the US economy when the latest round of quantitative easing, known as QE2, ends.<\/p>\n<p>&#8220;Crude oil is selling off sharply for two primary reasons: QE2 is coming to an end in June and without a QE3 behind it, it will take liquidity out of the market, hurting risky asset classes such as commodities,&#8221; said Chris Jarvis at Caprock Risk Management in New Hampshire.<\/p>\n<p>&#8220;With Osama Bin Laden dead, the market is adjusting the geopolitical risk premium down accordingly.&#8221;<\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-13301784#story_continues_2\">Continue reading the main story<\/a> <\/p>\n<p>Precious metals have also been hit, with silver falling another 7% and heading towards its biggest weekly fall since 1983.<\/p>\n<p>The price of silver has fallen by more than 20% from its record high near $50 an ounce last Thursday.<\/p>\n<p>Some of the sell-off is due to an unprecedented raising of trading costs by CME Group, which oversees much speculative trading in silver.<\/p>\n<p>The speculative sell-off in silver set off other commodities, according to Luis Rangel, vice-president for commodity derivatives at ICAP North America.<\/p>\n<p>&#8220;It was sort of the ring leader and it&#8217;s started to spread like a contagion,&#8221; he said.<\/p>\n<p>Sugar and cocoa were also among the fallers.<\/p>\n<p>Oil-related shares also fell, with oil companies leading the fallers in New York.<\/p>\n<p>In afternoon trading, Exxon Mobil and Chevron were down by 1.7% and 1.3% respectively.<\/p>\n<\/div>\n<p>Read more:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.bbc.co.uk\/go\/rss\/int\/news\/-\/news\/business-13301784\" title=\"Commodity prices see sharp fall\" rel=\"noopener noreferrer\">Commodity prices see sharp fall<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 5 May 2011 Last updated at 14:10 ET Continue reading the main story Commodity prices fell on Thursday for a fourth day, following weak economic news from Europe and the US. Oil prices fell, with US light, sweet crude down 5.2% at $103.44 a barrel<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-418135","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commodity prices see sharp fall - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/05\/05\/commodity-prices-see-sharp-fall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Commodity prices see sharp fall - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"5 May 2011 Last updated at 14:10 ET Continue reading the main story Commodity prices fell on Thursday for a fourth day, following weak economic news from Europe and the US. 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