Shares and commodity prices tripped reacting to the massive earthquake of 8.9 magnitude on the Richter scale. An immediate reaction from traders indicated that commodity prices could continue to fall going forward.
The earthquake powerful earthquake hit 400km from Tokyo at the 20 miles in the Pacific Ocean at 1446 local time (0546 GMT).
Nymex crude prices fell 1.4% to USD 101.26 per barrel while Brent Crude prices dipped 1.4% to USD 113.83 at 1 pm.
BSE Sensex in India fell 1.3% to 18094.19 and Nifty fell 1.3% to 5420. According to a fund manager at a global investment management company, the crisis could trigger sentimental selloff across the region for some time. “Commodity prices could fall and there could be a flight to safety to safe assets,” the fund manager said.
Gold prices were already firm in the afternoon trade. MCX Gold prices traded at Rs 20,954 up Rs 116.
Nymex crude prices fell 1.4% to USD 101.26 per barrel while Brent Crude prices dipped 1.4% to USD 113.83 at 1 pm.
BSE Sensex in India fell 1.3% to 18094.19 and Nifty fell 1.3% to 5420. According to a fund manager at a global investment management company, the crisis could trigger sentimental selloff across the region for some time. “Commodity prices could fall and there could be a flight to safety to safe assets,” the fund manager said.
Gold prices were already firm in the afternoon trade. MCX Gold prices traded at Rs 20,954 up Rs 116.
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