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Europe Continues Drive Commodities Down

May 10, 2012 at 0:00 by Vladimir Vyun

Commodities continued to decline as Europe is still a source of uncertainty and risk aversion. Greece is unable to form a government, leading to speculation that the country may leave the eurozone. Such outcome can potentially threaten the integrity of the euro-area. The problems in Europe affect commodities negatively as the European Union is one of the world’s largest importers of raw materials. Additionally, Europe’s woes make the dollar stronger, putting additional pressure on commodity prices.

The Standard & Poor’s GSCI Spot Index of raw materials slipped 0.1 percent today. The MSCI All-Country World Index of shares reached the lowest level since January.

Gold slumped from $1,693.70 to $1,593.70 per ounce today on COMEX as of 23:48 GMT and the intraday low of $1,591.40 was the lowest since January 3. Copper went down from $3.6940 to $3.6715 per pound today. Futures for delivery rubber in October declined as much as 4 percent to $3,662 per metric ton on the Tokyo Commodity Exchange.

If you have any questions and comments on the commodities today, use the form below to reply.

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