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.
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.
