The commodity market experienced great volatility last week. Earlier in the week, US President Barack Obama said after meeting with Democratic congressional leaders that he would agree to a 2-year extension on all Bush-era tax cuts (set to expire on December 31) in exchange for extending unemployment insurance and cutting the payroll tax by 2% for workers next year. Obama called this compromise ‘an essential step on the road to recovery’. The fiscal stimulus boosted optimism on US economic recovery, strengthening commodities, equities and other growth assets.
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Weekly Fundamentals – Commodities Slumped as China may Raise Interest Rates Soon
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