Commodities too sold off on discouraging labour market report in the US, reports CNBC-TV18 Commodities Editor Manisha Gupta. Crude prices fell more than 3%, to a one-month low, below USD 67 a barrel. It is currently trading at down 0.25 cents at USD 66.48 per barrel.

In base metals, copper prices too dropped on disappointing jobs data increasing concern that global growth will continue to slow.

Here is a transcript of Commodities Editor, Manisha Gupta’s comments on CNBC-TV18. Also watch the accompanying video.

Currency watch

Japanese Yen was firm versus all major 16 currencies. Euro versus dollar headed for weekly loss, was down 1%. US markets shut on Friday, so liquidity will be low.

Baltic Dry Index

Baltic Dry Index declined 5.8% on weak shipping activity reports. Baltic Exchange made first significant structural changes to BDI calculations. BDI calculated solely on average time charter rates of four bulk carrier types July 1 onwards.

Crude

Nymex August contracts declined 3.7%, below $67 a barrel. It headed for third weekly decline, was trading at 1-month low. Triggers were: decline in equity markets; weak dollar and weak jobs data from US, Europe.

US employers slashed 467,000 jobs in June versus 322,000 lost in May, against expectation of 365,000. Europe’s unemployment rate increased to 9.5% in May, highest level since 1999.

Base metals

Copper was down 1%, around $5035/tonne; Aluminium fell 1.5%, around $1640/t; Lead lost 2.2%, around $1700/t; Zinc was down 1.5%, around $1572/t and Tin fell 1.5%, around $14,300/t.

Precious metals

Gold was down $10, around $931 an ounce. Silver declined to 7-week low below $13.50/oz.

Commodity complex

Sugar declined 1%. Cotton was at 3-week high on Chinese demand.