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Commodity Tips, Commodities escape the worst of market rout
Commodities are escaping the worst of the global market rout as losses in raw materials are capped by speculation that the bullish outlook for demand remains intact.
The Bloomberg Commodity Index pared its decline to only 0.1 percent by the end of the Asian day as gains in precious metals and US natural gas helped offset lower oil and industrial metals. While some raw materials were dragged lower as investors eschew risk, the reaction was muted compared with other assets.Stock markets from Hong Kong to Tokyo tumbled more than 4 percent following Monday's collapse in US equities and bond yields.
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Brent crude was 0.8 percent lower after earlier dropping as much as 1.2 percent. On the London Metal Exchange, copper sank 0.8 percent as aluminum, zinc, lead, and nickel all declined. Miners and energy companies were pulled lower by the broader selloff in equities.
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