Oil, Sugar, Copper Lead Commodities' Slide on Bernanke Comments |
| Bloomberg - Jun 4, 2008 |
Crude oil, sugar and copper led a decline in commodities after Federal Reserve Chairman Ben S. Bernanke suggested the central bank will stop cutting interest rates and signaled support for the U.S. dollar.
Oil dropped to the weakest in three weeks and copper to the lowest in more than two months on concern the Fed is shifting its focus toward curbing inflation from preventing an economic slowdown. The dollar traded near a two-week high after Bernanke said the Fed is ``attentive'' to its recent decline, dimming the lure of commodities as a hedge against a weaker U.S. currency.
``Commodity prices are weak and they are going to get much, much weaker,'' Dennis Gartman, economist and editor of the Gartman Letter, told clients in the daily newsletter today.
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- Posted: 2008-06-04 10:22:03
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