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EU wants market-based answer to commodities surge

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Thursday, 10 March 2011

EU wants market-based answer to commodities surge

Commodity prices have surged largely due to supply and demand bottlenecks and the European Union's response should be "considered and market-based" rather than rely on mandatory curbs, governments are set to agree. Some EU countries such as France want curbs on what they see as speculators such as hedge funds making quick gains in commodities markets at the expense of consumers. The tone of the statement, due to be endorsed by the bloc's industry ministers on Thursday (10 March), is cautious on blaming the financial sector, however, and does not call for any radical measures such as the position limits that are being introduced in the United States. The draft statement says volatility in energy, metal and food commodity prices have been exacerbated by various structural problems in the supply and distribution chains rather than pinning all the blame on the financial sector.

Source: Euractiv