Black Monday for commodities across the board as crude sheds 31%

Brokers facing margin calls, started selling all commodities to pay for losses

Crude oil remained stuck in the lower circuit this morning, shedding as much as 30 per cent in the first two hours of trading on the Multi-Commodity Exchange. The meltdown in crude had a trickle-down effect on gold, silver and base metals.

The fall was triggered by the crash in global crude following the price war between Russia and Saudi Arabia. Brent fell to $31 a barrel in the morning, down over 30 per cent from Friday’s close after Russia backtracked from the Opec production deal and instead increased production further to make US shale oil production unviable.

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