Commodities prices retreat on economic worries

By Associated Press
Posted Aug. 20, 2010 at 4:18 p.m.

Most commodities prices have closed lower as traders worry that global demand for raw materials will drop because of the slowing economy. Metals and energy prices are down while grains have closed mixed.

There were no new economic reports Friday, so investors kept their focus on the string of recent data that showed the recovery is slowing. The belief in the market is that a weaker economy will mean manufacturers need to buy fewer raw materials and energy products.

In addition, traders wonder about the impact on the world economy of China’s moves to curb lending and investment to slow its growth.

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