Commodities fell for an eighth straight session, wiping out gains for the year, after data from Asia showed a further slowdown in industrial output.
The Standard & Poor’s GSCI Spot Index of 24 commodities headed for its longest slump since December 2008.
It dropped to 640.46, the lowest since Dec. 22. As of 3:15 p.m., the measure had fallen 0.9 percent at 641.92, down 0.5 percent since Dec. 31. The last annual decline was in 2008, before a rally that saw the gauge double over the next three years.
Twenty-one of the raw materials tracked by the GSCI fell, led by cotton, soybeans and lead. Crude oil and copper capped their second straight weekly losses after industrial output slowed in China and shrank in India, adding to concerns that economic growth is stalling as Europe struggles with a debt crisis.