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Investors Head for Exit as Commodities Extend Slump
Investors are betting that the worst isn’t over for commodity prices that already are the lowest in five years. About $873 billion was pulled from U.S. exchange-traded products backed by raw materials this month, the most since April, data compiled by Bloomberg show. Expanding surpluses, a surging dollar and slowing growth in China helped send the Bloomberg Commodity Index to the lowest since 2009, reversing first-half gains fueled by a polar vortex and dead pigs in the U.S., and escalating tensions in Ukraine and the Middle East. Banks from Societe Generale SA to Citigroup Inc. expect the losses for many raw ... (full story)