NEW YORK: Commodities posted the first annual drop in five years as supply exceeded demand for corn to sugar to nickel and investors lost faith in precious metals as a store of value amid signs that economies are improving.
The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.6% to settle at 632.29 at 4 pm New York time, capping a 2.2% decline this year. Corn led the retreat with a 40% plunge, followed by silver and gold. Commodity-fund investments fell by a record US$88bil to US$332bil in the 11 months ended Nov 30, Barclays Plc estimates.
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