Commodities Prices Fall On Chinese Interest Rates Fears
New York, NY, United States (AHN) – Commodities prices for precious metals, oil and agricultural raw materials took the hardest fall in 18 months on news that China might take steps to avert inflation. Prices of commodities futures fell by up to 3.8 percent on news that China’s central bank might increase interest rates. The step is to prevent further inflation there after consumer prices rose by 4.4 percent in October.
Precious metals had been at near record highs before plunging. Gold dropped 2.7 percent to $1,365.50 an ounce on Friday while silver plunged 5.3 percent to $25.94 an ounce and copper fell 2.8 percent to $3.91 an ounce.
Refined sugar in London dove down by a record 12 percent while corn and soybeans on the Chicago market plunged by the exchange limit.
Oil prices also took a dip. Prices for crude oil for December delivery fell 3.4 percent to $84.81 a barrel at midday on the New York Mercantile Exchange while futures in New York dropped by as much as $3.29 on Friday.
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