Commodities News
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The largest glut of zinc in almost two decades is threatening to curtail a rally in prices as record production expands inventories to the highest since at least 1984.
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Oil dropped from the highest price in almost five weeks on speculation fuel demand may falter as crude supplies rise in the U.S., the world’s biggest consumer of the commodity, and Europe struggles to tame its debt crisis.
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Moody’s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and revised its outlook on the U.K.’s and France’s top Aaa ratings to “negative,” citing Europe’s debt crisis.
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U.S. Department of Agriculture spending would rise 2.5 percent to $154.5 billion in the year starting Oct. 1 before crop-subsidy cuts kick in, beginning long-term reductions farmer aid, according to the budget President Barack Obama sent to Congress today.
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