Commodity momentum: HG, PL and S only three still positive

The downturn in commodity markets since the beginning of December has now almost spread to all of the major commodities tracked in our momentum update. The SP GSCI index and the DJ UBS index are down 3.4 and 1.1 percent respectively during this period. On an individual basis this has resulted in only Platinum, Copper and Soybeans holding on to positive momentum. It sets the tone ahead of tomorrow's FOMC meeting, where additional stimulus is expected to be announced.