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Commodity update -- only a mild correction

With all the recent hoopla about the big plunge in commodity prices, you would think they dropped a lot. But as these two charts—which are the two sub-components of the CRB Spot Commodity Index—show, the commodity price correction has been relatively modest.

Even the decline in copper prices, a favorite of speculators and thus subject to more volatility during selloffs, looks relatively modest when put into the proper perspective, as this chart attempts to do.

Ditto for crude oil prices.

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