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Moody’s downgrades and warnings on European economies causes commodity prices to fall

Date: Tue, 14 Feb 2012 | Author: Paul Sanderson

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Ratings agency yesterday downgraded six European economies and put three on a negative outlook.

Italy, Malta, Portugal, Spain, Slovakia and Slovenia had their ratings cut, while Austria, France and the UK were placed on a negative outlook.

As a result of this, primary commodity markets saw falls as traders continued to worry about the state of European economies.

The S&P GSCI index of 24 commodities dropped 0.2 per cent. Copper was down to $8,401 (£5,317) a tonne at 7:38am and this was a continuation of a small fall each day for the past three days.

Oil was mixed with Brent Crude down and WTI up. Brent Crude was down 55 cents to $117.38 for March delivery this morning, while WTI in New York was up 3 cents to $100.94. 

 

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