por admin » Jue May 05, 2011 2:16 pm
Los commodities se unden, impulsados por la plata.
La plata ha bajado 25% desde Febrero.
Commodities Plunge in Silver-Spurred Selloff
By JERRY A. DICOLO
NEW YORK—Metals, crude oil and other commodities tumbled, pulled down by concerns—first seen in the silver market—that the months-long surge in raw materials prices is nearing an end.
Silver futures fell 6.2% to $36.975 a troy ounce, putting the metal down 25% since Friday after exchange operator CME Group Inc. once again raised the costs for investors to trade the metal. Silver's dramatic plunge from record highs has set the tempo in other commodity markets that had neared price milestones of their own, as weak economic data helped spread fears that consumers and businesses will struggle with rising costs for basic goods.
"Most of what started this was the break in silver," said Mike Zuzolo, president of Global Commodity Analytics & Consulting in Lafayette, Ind. "Now we've gotten some poor economic news…We've gone from being too concerned about supplies not being adequate, to now being concerned about demand not being adequate."
Oil futures plunged more than $9 to settle at 99.72 a barrel on the New York Mercantile Exchange, as U.S. government data show demand shrinking in the face of $4-a-gallon prices at the pump. Copper prices dropped below $4 a pound for the first time this year, and gold also fell, with the metal recently trading down $13.30 to $1,502.00 per troy ounce.
Above, an oil pump stands in the parking lot of Chevron's Kern River oil field offices in Bakersfield, Calif.
.Most markets extended early-morning declines following an unexpected increase in U.S. weekly jobless claims. New claims for unemployment surged to 474,000, the highest level since last August and well above analysts' expectations. The rise comes as the U.S. economic recovery hit the brakes in the first quarter, with growth at a 1.8% annual rate, down from 3.1% growth seen at the end of 2010, according to a U.S. Commerce Department report released last month.
A rapid rise in the U.S. dollar Thursday added pressure to commodities, as a stronger greenback raises the cost of basic goods for buyers using other currencies.
After driving commodity prices higher for much of 2011 amid worries about supply shortages, investors now fear that high prices will lower consumption.
.Central banks around the world are raising interest rates and ending other programs designed to speed up the economic recovery, and some policy makers are worried high food and energy costs will threaten continued growth.
Cotton in particular has been battered by falling consumption after hitting an all-time high in March, and the economic data raised fears about the United States' recovery and whether consumers will struggle to deal with rising costs for basic goods such as clothing and food.
"We've been on such a tear since August of last year in commodities overall, so we're due to have some kind of correction," said Jimmy Tintle, a broker and analyst with Transworld Futures. "Everything doesn't go up forever."
Cotton for July delivery on IntercontinentalExchange was down 3.2% at $1.4660 a pound in midday trade. Cocoa futures for July shed 4.9%, trading at $3,054 a ton and arabica coffee was down 3.2% at $2.8500 a pound, sharply off the 14-year high prices touched on Monday.
Meanwhile, the U.S. Department of Agriculture reported weekly export sales Thursday that were "poor across the board" said Don Roose, president of U.S. Commodities in Des Moines, Iowa. The sales—below analyst expectations for corn, soybeans and wheat—are a sign that buyers are balking at historically high prices, analysts said.
Corn for July delivery at the Chicago Board of Trade was down 2.4% at $7.1175 per bushel, while soybeans fell 2.4% at $13.18 in midday trade.
Natural gas dropped 5.5% to $4.322 a million British thermal units on Nymex, also weighed by data indicating a greater-than-expected decline in demand for the fuel.
The Energy Information Administration said Thursday that U.S. gas stockpiles rose by 72 billion cubic feet last week, higher than estimates for a 67-bcf build in a Dow Jones Newswires survey.
The previous three weekly injections had come in below market expectations, catching traders off guard and sparking rallies. But market participants had better positioned themselves for a similar surprise this week, and the reported larger-than-expected increase immediately pushed futures lower.