Summary Box: Commodities plummet on demand concern

AP News
Posted: May 05, 2011 4:31 PM

PLUMMETING PRICES: Commodity prices fell sharply for a second consecutive day after disappointing economic news triggered questions about whether demand will ease as consumers continue to pay more for food and energy. Oil and silver logged the steepest declines, at 8.6 percent and 8 percent, respectively.

DEMAND EASING: Fresh economic reports indicated businesses and consumers may be spending less as costs rise for energy, food and raw materials.

WHAT'S NEXT: The Labor Department is set to release the April jobs report on Friday, which is expected to shed more light on the pace of economic recovery.