Global markets: Commodity index jumps, Fed releases minutes

CNS Canada –– The following is a glance at the news moving markets globally.

COMMODITY INDEX SEES BIGGEST WEEKLY ADVANCE SINCE 2012 — The Bloomberg Commodities Index advanced 3.9 per cent over the course of the week, led by a ten per cent increase in zinc prices.

Zinc prices were buoyed by an announcement from Glencore that they would be producing less metal. Glencore has been able to make some recovery from the record low it hit last month.

CARGILL LOOKING TO EXPAND INVESTMENTS — Cargill, a U.S.-based agricultural company, is looking to expand its investments in other sectors.

The company is hoping to expand into the fish feed, poultry and palm oil businesses, despite relatively low commodity prices.

U.S. FEDERAL RESERVE RELEASES MINUTES — The U.S. Federal Reserve came close to raising interest rates, but decided to wait until the effects of a global economic slowdown becomes more clear.

The minutes from the Sept. 16 and 17 policy meeting were released on Thursday.

U.K. RELEASES DISAPPOINTING ECONOMIC DATA — The U.K. posted a larger-than-expected trade deficit of 11.1 billion pounds (C$22.2 billion) in August, according to the London Office for National Statistics.

Analysts say this indicates the U.K.’s economy may be slowing.

INDIAN COTTON FARMERS PROTEST, TRAINS IN THE COUNTRY ARE STOPPED — Farmers are blocking roads in districts around Punjab, causing about 75 trains to be cancelled.

More than 350 farmers gathered to ask for 40,000 rupees per acre for damage to their cotton crop, which was damaged in whitefly attacks.

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