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Commodities tumble on speculation hedge fund selling positions

Posted on 21 February 2013

Commodities fell, capping the biggest loss in more than two months, as metals and energy tumbled amid speculation that a hedge fund was selling. 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…………………………………..Full Article: Source


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