Commodities plunge to 13 year-low dragged down by mining shares
Commodity prices continue to plunge, as falling mining shares dragged a commodity index down to its lowest point since 2002.
Bloomberg’s commodity price index, tracking gold, crude oil and other raw materials, has plunged by 40 per cent since 2011. Today the index fell to 95.5 points, its lowest point in 13 years.
Mining shares are down sharply, with Glencore falling five per cent, and Anglo-American 6.5 per cent.
Commodities have underperforming, with gold recently down to its lowest level since 2010. Oil has continued to slide, with prices down 60 per cent over the year. Global benchmark Brent crude is trading at $56 a barrel, and US benchmark WTI has dipped below $50 every day this week.
Commodities’ 13-year low comes as Silicon Valley stocks also sink, led by Apple’s plunge after the tech giant’s iPhone sales missed analysts’ forecasts.