On the Comex in New York, copper futures for December delivery fell as much as 7.8 percent to $3.215 a pound. Prices have dropped as much as 31 percent since touching a record $4.6575 on Feb. 15. On the London Metal Exchange, nickel plunged as much as 11 percent to $16,800 a metric ton.
Commodities fell to a nine-month low as silver, copper and nickel tumbled on deepening concern that policy makers are running out of tools to avert another global recession, hurting demand for metals, fuel and food. Gold fell below $1,700 an ounce in New York.
The Standard & Poor’s GSCI Index of 24 commodities fell as much as 2.2 percent to 594.12, the lowest since Dec. 2. As of 12:33 p.m. in New York, the index was down 7.8 percent this week, the most since May 6. Silver plunged as much as 12 percent today, copper was down 4.9 percent in New York.