[miningmx.com] – THE sell-off in commodity stocks listed on the Johannesburg Stock Exchange was described as a bad omen by analysts who added that it was hard to see where world economic growth would come from this year.
In an article by BDLive, Bidvest Bank chief currency dealer Ion de Vleeschauwer said: “It is difficult to see where global growth will be coming from, except in the US”.
IG market analyst Shaun Murison was quoted by the publication as saying the decline in the price of copper had deepened the negative sentiment in markets generally.”Copper is considered a leading indicator for commodities in general,” he said.
A host of commodity stocks lost serious ground on January 14 including Glencore (-9.5%), Anglo American (-8.8%) and BHP Billiton (-6.37%). This was owing to the sell-off in metals such as copper, which lost the most in six years, following from the meltdown in the oil price.
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