Adding some more information to the inflation/deflation debate, The CRB Raw Industrials index is just 3% from an all time record high. The index includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, hogs, lard, steers, tallow, butter, soybean oil, corn, wheat, and sugar. The Journal of Commerce Index of 18 industrial materials is just shy of its highest level since mid May and 15% from its record high and the CRB index is at a one month high, 7% from the highest level since Oct ’08 but remains 42% off its record high in July ’08 when crude oil was at $145.
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