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Slowdown fears: Key commodities costs witness a pointy fall

Apprehensions of a slowdown within the international economic system, led by a deceleration within the US and China, has led to a fall within the costs of a number of commodities over the previous week or so. There are issues the Chinese economic system would lose momentum within the wake of lockdowns to battle Covid and the US economic system will decelerate as rates of interest rise.

Oil costs fell practically 5% on Monday, hitting their lowest ranges in a fortnight. The value of metals like palladium have tumbled within the spot market, whereas copper has fallen 7% in 5 classes. Silver costs have come off by near 9% over the identical interval; gold costs are down about 4%. Analysts mentioned the broader commodities sell-off is a results of fears that demand will fall off as main economies sluggish.

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