OctaFX | OctaFX Forex Broker
Open trading account

Bloomberg commodity index down 24% this year

FXStreet (Mumbai) - The relentless sell-off in the commodities space this year has pushed the Bloomberg commodity index lower by 25%.

The index closed at its weakest level since 1999 on Tuesday as commodity rout picked up pace following the weak China trade data. The oversupplied oil also hit fresh 6-1/2 year lows and pushed other commodities lower.

The 24% decline in the commodity index is a boon if the consumption picks up. Otherwise, the mining and energy firm face losses and complicate matters for the central banks moving towards a rate hike – Fed and BOE.

Meanwhile, the Bloomberg World Mining Index plunged to the lowest level since the global financial crisis in 2008.

Oil trims gains ahead of US inventory data

Oil prices trimmed gains, but continue to trade on a positive note in the US session as traders await the US government’s weekly inventory data.
Read more Previous

US Dollar drops further vs. Euro

The common currency extends its daily upside vs. the dollar, now pushing EUR/USD to session tops near 1.0950...
Read more Next
Start livechat