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Global commodity prices fell in September compared with August as dollar rise and uncertainty over economic recovery

Global IndexesSep 22, 2020
Global commodity prices fell in September compared with August as dollar rise and uncertainty over economic recovery
Commodity prices retreated with stocks Monday, stung by the weakening recovery in fuel demand and a strengthening dollar. "The market fundamentals had been weakening since August," said Barclays oil strategist Amarpreet Singh, pointing to an increase in production by the Organization of the Petroleum Exporting Countries and its allies. The demand recovery in India -- the world's third-largest oil consumer -- has also gone into reverse, Mr. Singh added. The losses spilled from industrial commodities into precious metals. Front-month gold futures fell 2.6% to $1,901.20 a troy ounce, their lowest close since late July, while silver dropped 10% to roughly $24.30 a troy ounce. Those declines were likely sparked by a climb in the U.S. dollar, said Bart Melek, global head of commodities strategy at TD Securities. Precious metals, like most other commodities, are denominated in dollars and become more expensive to buyers outside the U.S. when the currency gains ground. by David Hodari and Benoit Faucon

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