NEW YORK—The quiet trading in commodities markets on the last day of 2008 wasn’t just the result of investors being on vacation—it was a sign that oil, gold, wheat and other futures had fallen from grace during a turbulent year.

Commodities surged during the first six months of 2008 on a combination of rising demand from growing economies including China and India and a huge wave of speculative buying. But in the second half of the year, futures plunged as major world economies fell into recession and speculators fled the market, hoping to avoid devastating losses.

The ...

Log-In to view full story or view our Registration Guide.