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Commodity prices represented by the Commodity Research Bureau index fell to a five-year low Tuesday as weak Asian economies continues to reduce demand for raw materials ranging from sugar to copper.
“The whole global scenario is continuing to be reflected in commodity prices, with Asia in the forefront,” said William O’Neill, head of futures research at Merrill Lynch & Co. in New York. “All the way across the board there’s no area that’s strong.”
The CRB index tumbled 1.77 points to 207.68, its lowest since June 1993. The index, which measures 17 commodity futures markets, has fallen about 9% this year.
Also Tuesday, the energy-weighted Goldman Sachs Commodity index eased 0.04 point to 147.09, its lowest since 1986.
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