Commodities Tumble to Four-Month Low as Crude, Gold Lead Losses
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Commodities dropped to a four-month low, paced by declines in crude oil and gold, on signs of climbing supplies of raw materials at a time when the prospect of reduced Federal Reserve stimulus may cut demand.
The Standard & Poor’s GSCI Spot Index of 24 raw materials lost 1.7 percent to settle at 612.24 at 4 p.m. in New York, after touching 611.58, the lowest since July 1. West Texas Intermediate fell below $95 a barrel for the first time since June. Gold reached a two-week low. Hog futures capped the longest slump in three months, and cotton slumped to the lowest since January.