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Gold safe but commodities may join sell-off

Commodities,except gold,will likely fall when markets open due to a US ratings downgrade and a worsening debt crisis in Europe but panic shall be avoided.

Written by Express News Service | Mumbai |
August 8, 2011 1:20:49 am

Commodities,except gold,will likely fall when markets open on Monday due to a US ratings downgrade and a worsening debt crisis in Europe but panic shall be avoided. Bullion should benefit from renewed risk-aversion while outlook for demand for oil,base metals and grains deteriorates. Strong economic growth in China — the world’s top copper consumer,No. 2 oil user and major buyer of grains — as well as tight global supplies for some raw materials including coal and iron ore,will provide certain support and some investors may see weakness as a buying opportunity.

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