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from BUSINESS LINE, October 27, 2008 Mumbai, Oct. 26 - It was a disastrous week for the commodities market. There was an across-the-board collapse covering especially industrial metals, base metals, precious metals, ferroalloys, scrap and energy products.
Among commodity groups, it is noticeable that energy and industrial metals saw the steepest falls, followed by precious metals. Agriculture markets have declined less.
The collapse of the commodity market in tandem with the financial market reflect growing fears of a severe global recession. Currently, the markets concern is largely confined to the demand side with buyers adopting a wait-and-watch attitude. Withdrawal of credit facilities and uncertainty about future movements of the market has forced participants to turn extremely cautious.
While consuming industries …