Thursday, February 21, 2013

Commodities Dive on Speculation Hedge Fund Selling Positions

Commodities fell, capping the biggest loss in more than two months, as metals and energy tumbled amid speculation that a hedge fund was selling, Bloomberg reports.. The Standard & Poor’s GSCI Spot Index of 24 raw materials declined 1.1 percent to settle at 668.28 at 3:49 p.m. New York time, the largest drop since Dec. 6. Silver futures led the losses, retreating as much as 4 percent. Crude oil fell the most since November, and gold slumped to $1,558.10 an ounce, the lowest since July.
“You have a sort of mini perfect storm hitting commodities today,” Dave Lutz, the head of exchange-traded fund trading and strategy at Stifel Nicolaus & Co. in Baltimore, said in a telephone interview. “There’s market chatter that a fund is blowing up, gold has fallen below $1,600, and oil storage tanks in Cushing are near all-time records.” Cushing, Oklahoma, is the delivery point for New York oil futures and the main U.S. stockpile site….

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