Commodity Slump Accelerates Amid Growth Fears and Fed Taper Talk
- Copper heads for worst week since June, oil falls, grains dip
- Iron ore has been hurt by China’s efforts to curb steel output
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Commodities are headed for their worst week in two months on speculation that economic growth will slow a rebound in demand for raw materials with metals, agriculture and oil falling.
Copper sank to its lowest price since April and was headed for its worst week in two months, while gold slipped and oil fell to its lowest price since May. The Bloomberg Commodity Spot Index, which tracks prices for 23 futures contracts, is on course for its worst week since June. Growth woes also helped a gauge of the dollar rise to the highest level since November, reducing commodities’ appeal to foreign investors.