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Commodity prices stage recovery in Asia after falls Commodity prices fall for second day as Europe opens
(about 3 hours later)
Commodity prices have staged a partial recovery in Asian trade after markets were hammered by one of the biggest sell-offs in two years. Commodity prices have fallen for a second day in early trading in Europe, led by another drop in crude oil.
In the last few hours of trade in New York on Thursday, commodity prices tumbled on poor economic data from the US and Europe. It comes after markets were hammered by one of the biggest sell-offs in two years on Thursday.
Oil dropped a record $12, while gold, silver and copper prices fell as well. Brent crude fell 4.3% to below $106 a barrel, adding to a 8.6% drop on Thursday, and bringing its cumulative fall over the past week to over 16%.
But commodities have gained back some of their losses as Asia buyers were attracted by the cheaper prices. Industrial metals such as copper also saw further falls, as did some foodstuffs.
Brent crude was up by more than 1% at $111.90 a barrel, and US light crude crept back over the $100 a barrel price. But commodities had gained back some of their Thursday losses, as during Asian trading hours buyers were attracted by the cheaper prices.
It had fallen the day before by $9.44 to $99.80 on fears about the strength of the US economy. Victor Shum of Purvin and Gert energy consultants said oil markets were clawing back some of their losses, as traders capitalised on cheap crude prices and bought back into the market.
Meanwhile, silver rebounded by 2.5% to $35.54 an ounce on Friday after its biggest one-day dollar price drop since 1980 the day before.
Gold has also recovered, up by more than 1% to $1,489.26 an ounce.
Victor Shum of Purvin and Gert energy consultants said oil markets were clawing back some of their loses, as traders capitalise on cheap crude prices and buy back into the market.
"Prices are up but this is not unusual after a massive sell-off, we are observing some market participants considering this as a buying opportunity," he said."Prices are up but this is not unusual after a massive sell-off, we are observing some market participants considering this as a buying opportunity," he said.
But analysts warn the volatility in the markets could remain. But with the open of trading in Europe, these gains were quickly wiped out as the market pushed lower.
"When you have this kind of damage, it will take several weeks, or maybe several months, for people to be taken out, and for confidence to be rebuilt," said Dennis Gartman, author of a markets guide. Analysts warn the volatility in the markets could remain.
"When you have this kind of damage, it will take several weeks, or maybe several months... for confidence to be rebuilt," said Dennis Gartman, author of a markets guide.
"It's not the end of the commodities cycle, not even close. You still have to call this a correction. It's a sizable one and scared the heck out of everybody.""It's not the end of the commodities cycle, not even close. You still have to call this a correction. It's a sizable one and scared the heck out of everybody."
Asian markets have slid in early trade in reaction to the commodities falls of Thursday. Asian markets slid in reaction to the commodities falls of Thursday.
The Nikkei 225 index shed 1.8%, South Korea's Kospi index also dropped 1.8% and Hong Kong's Hang Seng index slid 0.5%. The Nikkei 225 index ended the day 1.5% lower, while Hong Kong's Hang Seng index slid 0.5%.