Commodities Drop to Six-Week Low on Europe Sovereign-Debt Woes

Commodities declined to the lowest level in six weeks led by losses in crude oil and copper after European governments failed to agree on a loan payment to spare Greece from default, increasing concern over economic growth.

The Standard & Poor’s GSCI Index of 24 raw materials dropped as much as 1.2 percent to 661.35 and was at 663.64 at 1:10 p.m. in London. The gauge slumped 4.7 percent last week, the first loss since the period ended May 6.