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January 12, 2015

Commodities Crash Continues: Oil, Copper and Steel

By Tyler Durden at ZeroHedge 
Despite calls for a bottom all the way down from $90, $85, $80, $75, $70, $65, $60, $55, and then $50... crude oil prices (both Brent and WTI) are now below that crucial level (and as Kyle bass notes, even very wealthy nations like Saudi Arabia and Norway are going to have to tap into their sovereign wealth funds to support their annual budgets this year or next).WTI is trading with a $46 handle once again (at fresh cycle lows), and Brent is trading oince again at fresh cycle lows with a $48 handle.  Just as worrying away from the apparently OPEC-over-supplied (and nothing to do with demand) oil complex, copper prices just broke below $6000/mt for the first time in 5 years (which 'over-supplier' will get the blame for that? Or is it really about demand after all, just as Saudi Prince bin Talal warned). And don't mention Iron ore, Steel, Aluminum... which all hit new cycle lows...
WTI is at cycle lows - trading $46.71
 Brent hits the $48 handle again and fresh cycle lows...
Copper tumbled throuigh $6000/MT for the first time since 2009...
 And apart from these crucial raw materials for economic growth....
Steel yourself - China steel price closes in on 2008 lows

— Tom Orlik (@TomOrlik) January 12, 2015
 Charts: Bloomberg
Courtesy Tyler Durden, founder of ZeorHedge (EconMatters author archive here

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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