Commodities Market to Reverse?
This is a transcript of top stories presented by China's CCTV Business Channel as produced by CNBC Asia Pacific.
Good evening, I'm Saijal Patel and you're watching "Asia Market Daily".
The prices of crude and precious metals fell today - after long-term commodity bull Goldman Sachs advised investors to lock-in profits, before oil and other markets reverse.
Crude prices have also been weighed down by concerns that higher fuel prices will curb demand for oil.
Silver and gold prices also declined, just a day after silver hit a fresh 31 year peak.
The so-called poor man's gold has surged about 30 percent since the start of the year.
John Licata of Blue Phoenix says the current dip could be the perfect buying opportunity.
(SOT) John Licata, Chief Commodity Strategist, Blue Phoenix Inc.:
I think that investors right now will likely do well to take some profits, however when it comes to crude oil, I actually think it might be a buying opportunity on the weakness, but I do believe that other areas within commodities, such as silver and palladium do have a lot more downside to go.
But not everyone's concerned about Goldman's report.
David Lennox of research house Fat Prophets says he's still a long-term oil bull.
(SOT) David Lennox, Resources Analyst, Fat Prophets:
I guess in some ways they're probably right. We've seen a significant run in broadly across all commodities in 2010 and into 2011. So a wise man would probably at some point in time, if they've been long commodities for some time, take some profits. But we're of the view that there's certainly more to go in some of the commodities, especially gold and oil.
Well that's the latest on the commodities markets.
I'm Saijal Patel from CNBC.
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