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Commodities sink as worries about demand resurface

Posted on 29 September 2011

Commodity prices sank Wednesday as hopes faded for a quick resolution to Europe’s debt crisis. The price of copper plunged 5.6 percent; oil fell 3.8 percent and silver dropped 4.4 percent. Other metals and agricultural products also ended lower.
It was a sharp reversal from the previous day, when prices rose on speculation that European leaders could be closer to drafting a plan to contain the region’s debt crisis. That optimism faded after German Chancellor Angela Merkel hinted that a second Greek bailout package may have to be renegotiated. Several European leaders want banks to take bigger losses on Greek bonds but France and the European Central Bank oppose the idea……………………………………….Full Article: Source


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