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Flight to Safety Pounds Commodity Markets Rattled by Virus Fears

  • Oil, copper and iron ore tumble as virus spreads; gold rises
  • Investors spooked as death toll rises, no sign of containment
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Investors Taking Shortest Route Out of Markets on Virus News: Economist
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Commodity investors are taking flight as fears deepen that the spread of coronavirus could curtail China’s demand of everything from crude oil to soybeans.

Prices are slumping as the death toll rises, prompting China to extend its Lunar New Year holiday to contain the infection whose spread is accelerating around the world. Fears over the economic impact sent most energy, base metals and grains futures down more than 1%, while pushing havens like gold higher.