Goldman calls top of rally in commodities

first_img Tags: NULL whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndoBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeUndoZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Show Comments ▼ whatsapp COMMODITY prices dipped yesterday after long-term bull Goldman Sachs advised clients to close their long positions on a basket of commodities including copper, platinum, soy beans and crude oil. Goldman’s “CCCP basket” has made a 25 per cent gain over the last four months, but the bank warned clients to take profits before an expected cooling of the market. “Although we believe that on a 12-month horizon the CCCP basket still has upside potential, in the near term risk-reward no longer favours being long the basket,” Goldman’s commodity research team, led by Jeffrey Currie, said in a note.Crude oil fell from a two and a half year high yesterday, with Brent spot prices closing down 4.4 per cent at $120.83 a barrel in London trading. Copper prices fell two per cent yesterday while platinum edged down one per cent. Mining firms were the top fallers in the FTSE 100 after the note’s release, though the sector was also pushed down by a wider flight to safer stocks. Across the Atlantic, the Dow Jones Industrial Average lost 117.53 points, led by energy stocks, on fears falling oil prices could set off a reversal in the high-flying energy sectorA spokesman for diversified miner Anglo American, which saw its shares fall 4.6 per cent yesterday, said that while metal prices are expected to be unsettled in the near-term, “our view is that demand pace is sufficiently robust and supply sufficiently challenged, with the resources in increasingly difficult geographies” to ensure price rises.FAST FACTS | COMMODITY BOOM FTSE giants like BHP Billiton, Rio Tinto and Shell reported huge profits for the last year on soaring commodity prices.Demand from new markets and uncertain long-term supply have recently pushed prices. center_img KCS-content Goldman calls top of rally in commodities Tuesday 12 April 2011 8:25 pm Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wraplast_img read more