The Bloomberg Commodity Index was down around 0.7% in early trading this morning as plunging energy prices continue to weigh on the commodities complex. In New York, NYMEX crude oil futures continued to hit multi-year lows, trading as low as $19.92 per barrel this morning according to CME Group data. Base metals largely started the week in negative territory.
In China, most-actively traded SHFE copper and aluminum futures both settled 1.1% lower earlier today, although nickel prices edged up in Shanghai. In London, LME 3-mo. copper and aluminum were trading down around $4,780/mt and $1,530/mt, respectively, as of this writing. In equities trading, share prices were down at most of the major exchange in Asia and Europe this morning, and as the WSJ’s Daily Shot reports, Mondays have not been good for the S&P 500 this year: