The Commodity Massacre Is Back Today - Gold Tanks Again
WTI crude oil is getting hit pretty hard this morning. Right now, it's down about 2.8%, trading at $90.85 a barrel.
Copper is getting hit too – it's down about 3.2%.
Gold, meanwhile, is down 1.5%, trading at $1450 an ounce.
In fact, the entire commodity complex is pretty heavy in the red today, with the exception of natural gas. Silver, platinum, palladium, corn, wheat, sugar, coffee, soybeans, gasoline, and heating oil are all coming under selling pressure.
Overnight, we saw weaker-than-expected manufacturing data out of China and weaker-than-expected export data out of South Korea. Those releases, coupled with a worse-than-expected employment report from ADP this morning, seem to be weighing on commodities as concerns over global growth re-ignite.
Next up is ISM Manufacturing at 10 AM, which could weigh further on commodities if it comes in weaker than the market expects.
The chart below shows WTI crude oil futures today.
