Saturday, January 29, 2022

    Commodities Sink With New Virus Strain Imperiling Growth Outlook

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Fast-spreading Covid-19 strain creates risk of fresh lockdowns
    Gold reverses course to trade lower in global market selloff

    Commodities from copper to crude and cotton plunged as the emergence of a highly mutated Covid-19 strain raised concerns about the outlook for global demand and sent financial markets spiraling.

    Industrial metals including zinc and nickel fell more than 3% in London, while oil futures tumbled below $69 a barrel and cocoa plunged 4.6% on Friday, when U.S. markets reopened after the Thanksgiving holiday. Sugar, wheat, coffee and corn also dropped. The Bloomberg commodity spot index fell 3.4% in its biggest decline since June.

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