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Conditions are even worse this morning in the commodities markets (or better, depending upon your point of view), so much so that the table below that was compiled last night had to be updated again this morning to reflect prices that have moved even lower in recent hours.

Click to enlarge

Interestingly, a year ago, this sector had an impressive first week of the year with gains of about 3%, but this was followed by four straight weeks of losses that totaled more than 10%, the oil price tumbling more than $10 a barrel and gold falling by $85 an ounce. Could this year see the opposite result of a bad first week followed by gains?

Source: A Rough Start for Commodities in 2011