Sugar prices tumble to one-month low
Sigar, cacao, and coffee prices fell on Monday amid global recession concerns, which hurt the prices of most assets and commodities as the trade wars erupted.
China announced that new 34% tariffs on all US imports will go into effect on April 10, in response to Trump's 54% tariff on Chinese products.
US President Donald Trump announced historic tariffs on most world countries last week, starting with a 10% base tariff and more for specific countries.
Following Wall Street's severe decline last week, Trump defended the new tariffs as important medicine to rebalance the economy, adding he's not concerned about the stock losses so far.
Trump threatened China with an additional 50% tariff if they implemented their retaliatory 34% tariffs on US products.
On trading, crude sugar prices settled at $18.81 a pound, paring the losses after plumbing a month low.
Cacao futures fell 5% at the London Exchange to 6023 pound per ton, while New York futures fell 2.65% to $8286 a ton.
Arabica coffee futures slid 3.8% to $3.52 a pound, while Robusta coffee shed 5.13% to $4850 a ton.
The US is the world’s top coffee and chocolate consumer, and one of the biggest sugar consumers worldwide.
Oil expands losses on renewed global recession concerns
Oil prices fell on Monday and expanded the losses as the trade war erupted and threatened the global economy with a recession.
Goldman Sachs raised the odds of a US recession this year to 45% from 35% in previous estimates.
Goldman Sachs’ analysts reduced their estimates for Brent prices this year by $4 to $58, while reducing the estimate for US crude prices to $55.
On trading, Brent June futures fell 2.1%, or $1.37 to $64.21 a barrel.
US crude futures due in May shed 2.1%, or $1.29 to $60.7 a barrel.
Ripple tumbles over 5% amid huge market volatility
Most cryptocurrencies lost ground on Monday amid a massive market selloff that hit most assets due to the trade war.
China announced that new 34% tariffs on all US imports will go into effect on April 10, in response to Trump's 54% tariff on Chinese products.
US President Donald Trump announced historic tariffs on most world countries last week, starting with a 10% base tariff and more for specific countries.
Following Wall Street's severe decline last week, Trump defended the new tariffs as important medicine to rebalance the economy, adding he's not concerned about the stock losses so far.
Trump threatened China with an additional 50% tariff if they implemented their retaliatory 34% tariffs on US products.
Ripple
On trading, Ripple slumped 5.1% on Coinmarketcap to $1.88.
Gold falls below $3000 an ounce
Gold prices fell on Monday as the dollar rose against most major rivals, amid a violent asset selloff worldwide, with the precious metal falling below the $3000 barrier.
China announced that new 34% tariffs on all US imports will go into effect on April 10, in response to Trump's 54% tariff on Chinese products.
US President Donald Trump announced historic tariffs on most world countries last week, starting with a 10% base tariff and more for specific countries.
Following Wall Street's severe decline last week, Trump defended the new tariffs as important medicine to rebalance the economy, adding he's not concerned about the stock losses so far.
Trump threatened China with an additional 50% tariff if they implemented their retaliatory 34% tariffs on US products.
Otherwise, the dollar index rose 0.3% as of 18:50 GMT to 103.3, with a session-high at 103.5, and a low at 102.1.
On trading, gold spot prices fell 1.6% as of 18:51 GMT to $2985 an ounce.