Oil still the main drag as commodity benchmarks take further hits

Singapore

PLUNGING oil prices were still the main cause as commodity benchmarks continued to suffer severe losses through December.

The Credit Suisse Commodity Benchmark (CSCB) Index has tumbled some 25 per cent for the year based on a Credit Suisse report dated Dec 24, 2014.

Credit Suisse commodity strategist Stefan Graber foresees prices to dampen further, on the back of a supply glut.

Without demand matching up with excess supplies, "prices will have to shift towards o…