Commodities Drop to Five-Month Low as Greece Debates Budget Cuts
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Commodities fell to a five-month low, extending two weeks of losses as Greek lawmakers discuss budget cuts needed to ensure a bailout loan, raising speculation of slower growth and demand for raw materials.
The Standard & Poor’s GSCI index of 24 raw materials fell 0.5 percent to 641.91 by 3:53 p.m. in London, after earlier today falling to 635.27, the lowest level since Jan. 28. Cotton was down as much as 5 percent at $1.1692, the lowest level since Dec. 1.