| Commodities sank to the lowest level in 16 years as China’s economic slowdown exacerbates gluts of everything from oil to metals. The Bloomberg Commodity Index, which tracks 22 raw materials, lost as much 1.1 percent to 86.8556 points, the lowest intraday level since August 1999. The gauge, which was at 86.8620 points at 10:30 a.m. in Singapore, has dropped for the past four years.
Brent crude slid below $45 a barrel Monday for the first time since 2009 after Iran vowed to raise supply at any cost to defend market share. Raw materials are in retreat as supplies outstrip demand amid forecasts for the slowest Chinese growth since 1990. The largest user of energy, grains and metals was much weaker than anyone expected in the first half of the year, according to Ivan Glasenberg, head of commodity trader Glencore Plc...............................................Full Article: Source
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