Posted by
alfredlester on Tuesday, April 12, 2011 6:12:35 PM
Commodities across the board Tuesday Fell ON concerning That Demands May Slow Because Of High Oil Prices, Japan&&9;s nuclear crisis and Other Global Issues.
Some Of The steepest DISCLAIMED Occurred in oil, wheat, corn, soybeans and palladium.Even gold and silver, Which are Typically regarded Relatively stable assets, fell.
Much Of The movement driven by WAS to 3.3 percent decline in oil after new forecasts Warned That Could Affect Prices rising demand.
Goldman Sachs analyst David Greely Said WAS oil due for a "substantial pullback." Despite The High Price, he wrote in a research note That Inventories are adequate and spare production capacity There Is in OPEC countries.
Oil Prices Have Risen 33 Percent Since the middle of February we Concerns about Tightening supplies rebellions have spread across the Middle East and North Africa.
The International Energy Agency forecast reaffirmed icts of year Increase in oil demand of 1.4 million barrels a day to 89.4 million barrels a day this year.However, The Agency Said Preliminary January and February data Suggested High Oil Prices May Have Started to "dent demand growth."
The forecasts released Were the after the International Monetary Fund is Monday Lowered Growth forecasts for 2011 The United States, Japan and Britain.
"If you&&9;re worried about petroleum demand, you&&9;ve got to Be Worried About Demand for Other Things, too," Said Jack Scoville, vice president of Price Futures Group.
Other global issues weighed aussi On The commodities market. Japan nuclear plant crisis Said ITS WAS as severe as The 1986 Chernobyl accident instant credit reports.The plant WAS Damaged in the March 11 earthquake and tsunami disaster.
In addition, investors Monitored Europe&&9;s Financial Problems and High Inflation Countries Such as in China, Which Is a huge import of commodities.
Mike Zuzolo, president of Global Commodity Analytics & Consulting LLC, Said he Believe It&&9;s too early to say if Commodity Prices Have Hit Because peaks Much Will Depend on Supply and Demand going forward. There are stills Global Shortage of corn and soybeans, while weather-related issues are Affecting the U.S. winter wheat crop, he said.
Benchmark oil for May delivery Fell $ 3.67, or 3.3 percent, to settle at $ 106.25 a barrel is the New York Mercantile Exchange.
In Other Nymex contracts for May, heating oil lost 7.99 cents to settle at $ 3.1726 per gallon, gasoline Dropped 3.64 cents to $ 3.1641 per gallon and natural gas Fell 1 cent to $ 4,098 per 1,000 cubic feet.
In metals trading, June Gold Fell $ 14.50 to $ 1,453.60 a year ounce and May silver Fell 54.6 cents per ounce to $ 40,066 annually.
May copper 7.65 cents to settle Dropped at $ 4.3835 a pound, July platinum Fell $ 18.50 to $ 1,774.30 ounce and June palladium year lost $ 18.15 to $ 770.10 a year ounce.
Agriculture in May contracts, wheat 38.75 cents to settle Fell at $ 7595 a bushel, corn Dropped 23.5 cents to $ 7,525 a bushel and soybeans lost 38.75 cents to $ 13.2975 a bushel.
com/s/ap/20110412/ap_on_bi_ge/us_commodities_review &&9;rel =&&9; nofollow &&9;> Commodity prices fall we Concerns about demand