Crude oil prices rose again Tuesday, hitting record highs near $130 a barrel and sparking a gold rally for a second straight session.
But the mixed performance in agricultural, softs and metals markets was evidence that the rest of the commodity complex was not following the dramatic rise in oil, traders said.
"All the markets have been overinflated by the fund buying in recent times, and as soon as that disappears, let alone turns in the opposite direction, there's not so much support to it," said a softs trader in Europe.
I'm going to throw up some charts of individual commodities later today to see what they say.
