{"id":418380,"date":"2011-05-06T04:51:58","date_gmt":"2011-05-06T04:51:58","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/05\/06\/commodities-recover-after-tumble\/"},"modified":"2011-05-06T04:51:58","modified_gmt":"2011-05-06T04:51:58","slug":"commodities-recover-after-tumble","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/05\/06\/commodities-recover-after-tumble\/","title":{"rendered":"Commodities recover after tumble"},"content":{"rendered":"

6 May 2011<\/span> Last updated at<\/span> 00:51 ET<\/span><\/span><\/p>\n
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\"Jonathan<\/p>\n

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Australian broker Jonathan Barratt says the price of oil still has a “lot more weakness”<\/p>\n<\/div>\n

Commodity prices have staged a partial recovery in Asian trade after markets were hammered by one of the biggest sell-offs in two years.<\/p>\n

In the last few hours of trade in New York on Thursday, commodity prices tumbled on poor economic data from the US and Europe.<\/p>\n

Oil dropped a record $12, while gold, silver and copper prices fell as well.<\/p>\n

But commodities have gained back some of their losses as Asia buyers were attracted by the cheaper prices.<\/p>\n

Brent crude was up by more than 1% $111.90 a barrel a barrel, and US light crude crept back over the $100 a barrel price.<\/p>\n

It had fallen the day before by $9.44 to $99.80 on fears about the strength of the US economy.<\/p>\n

Meanwhile, silver rebounded by 2.5% to $35.54 an ounce on Friday after its biggest one-day dollar price drop since 1980 the day before.<\/p>\n

Gold has also recovered, up by more than 1% to $1,489.26 an ounce.<\/p>\n

Victor Shum of Purvin and Gert energy consultants said oil markets were clawing back some of their loses, as traders capitalise on cheap crude prices and buy back into the market.<\/p>\n

Continue reading the main story<\/a> <\/p>\n

“Prices are up but this is not unusual after a massive sell-off, we are observing some market participants considering this as a buying opportunity,” he said.<\/p>\n

But analysts warn the volatility in the markets could remain.<\/p>\n

“When you have this kind of damage, it will take several weeks, or maybe several months, for people to be taken out, and for confidence to be rebuilt,” said Dennis Gartman, author of a markets guide.<\/p>\n

“It’s not the end of the commodities cycle, not even close. You still have to call this a correction. It’s a sizable one and scared the heck out of everybody.”<\/p>\n

Asian markets have slid in early trade in reaction to the commodities falls of Thursday.<\/p>\n

The Nikkei 225 index shed 1.8%, South Korea’s Kospi index also dropped 1.8% and Hong Kong’s Hang Seng index slid 0.5%.<\/p>\n<\/div>\n

Excerpt from:
\nCommodities recover after tumble<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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