It wasn’t a good day to be long in commodities, with most major commodities except for cocoa, cotton, corn and orange juice futures taking hits as traders registered their fear of a global slowdown.
The trend started in stock futures, which pointed slightly lower and then quickly tumbled. All three major indexes ended the day at least 2.5 percent down from their open, giving up all the week’s gains.
Copper and crude oil futures contracts took a beating, reflecting the worsening outlook for demand in those critical industrial commodities. Copper futures lost 2.42 percent to trade at $2.93 per pound, while Brent crude oil futures slipped 1.17 percent to $75.20 per barrel.
Yet “disaster hedges,” represented by spot gold and silver prices, didn’t fare any better. Gold lost $15.80 to $1192.50 per troy ounce, the first time in several sessions that it has slipped below the key $1,200 per ounce resistance level.
And silver got hammered, falling 2.79 percent to trade at $17.85 per ounce, its lowest closing prices this week.
Today, one of the best place to be was actually the ICE Frozen Concentrated Orange Juice “A” futures contract, which gained 1.25 percent to trade at $1.3985 per pound.
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