Commodities From Oil to Copper Slump on Cyprus Concerns
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Commodities fell by the most in two weeks as outrage in Cyprus rekindled concern that Europe’s debt crisis may deepen, hurting demand prospects for raw materials from oil to copper. Gold rose.
The Standard & Poor’s GSCI Spot Index of 24 raw materials fell as much as 1.2 percent, the biggest drop since March 1, and was at 645.70 at 11:28 a.m. London time. Copper in London dropped by the most in five months, pacing declines in industrial metals, while crude oil in New York headed for the biggest loss since March 1.