New Delhi: Due to global economies meltdown, commodity prices in global markets have slipped by nearly 61% since July due to slowing demand, firm dollar and robust production estimates of farm items. Brent crude oil prices have declined over 60% to 53.24 dollars a barrel in November from 133.87 dollars in July, as industrial activities in major economies slowed down, according to a report by agri-commodity exchange NCDEX.
Similarly, while crude oil in Dubai witnessed a drop of about 61% to 51.38 dollars a barrel last month, the WTI crude oil fell nearly 57% to 57.29 dollars a barrel, it said. India imports 123 mn tones of crude oil a year, about 75% of its total domestic consumption. Investors, who viewed commodities as a hedge against inflation, are scrambling to get out, the report stated. Metals prices, too, came under severe pressure and slipped by up to 56%. Copper saw the maximum fall in prices to Rs 3,717 per tone from Rs 8,414 four months ago. Steel (rebar) prices have fallen by over 30% to 683 dollars a tone from 980 dollars during the period. Similarly, tin prices have dipped by 41% to 1,364 dollars a tone from 2,341 dollars.
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