Bloomberg Commodity Index lost 9,3% from peak value in May

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Bloomberg Commodity Index lost 9,3% from peak value in May

August 15, 2018 - 14:00
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Turmoil at emerging markets from financial crisis in Turkey to trade war in China affect metals markets, Bloomberg reports.

Photo © Gerd Altmann, CC0 1.0

Turmoil at emerging markets from financial crisis in Turkey to trade war in China affect metals markets, Bloomberg reports.

On Wednesday basic metals markets show another decline. Most metals lost at least 2% of their value in London today. Even gold, which always was a safe heaven, is falling. It lost 0,7%.

Concerns that problems in China and Turkey will result in weaker global economic growth and finally will influence raw materials demand are rising.

Economic troubles in Turkey now spread to other countries. Central bank of Indonesia surprised everybody by hiking interest rates on Wednesday, in order to restrict currency decline.

Bloomberg Commodity Index already lost 9,3% from peak value in May.

Copper lost 2,7% today and costs $5881,50 per ton. Aluminum dropped 4,5% to $2343 per ton. Platinum declined by 2,3% to $783 per ounce.