CHART: This key commodity indicator just hit a 13-year low

If you need proof that the commodities complex remains under the pump at present, it is surely found in the chart below.

It’s the Thomson Reuters Core Commodity CRB index, a well known measure on global commodity prices that has been around for nearly 60 years.

Based on specific weightings, it measures price movements from 19 specific commodities that range from aluminum to coffee, lean hogs to crude oil. While it doesn’t include all commodities, it’s a comprehensive list nonetheless.

According to Thomson Reuters, agriculture commodities make up 41% of the index, closely followed by energy at 39%. Precious and industrial metals make up the rest at 7% and 13% respectively.

Yesterday the index closed at 177.3932, the lowest level seen since November 15, 2002 — over 13 years ago. Year to date, the index has fallen 22.86%, extending its decline from its all time peak of 473.5182 set on July 2, 2008 to 62.5%.

Needless to say, it’s not only been a tough year for commodities, but also a treacherous seven years.

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