Commodities (SPGSCITR) headed for the first annual drop since 2008, paced by declines in cotton, copper and cocoa, on concern that the sovereign-debt crisis in Europe and a cooling Chinese economy will sap demand for raw materials.
The Standard & Poor’s GSCI Total Return Index (SPGSCITR) of commodities was little changed at 4,895.4 at 10:37 a.m. in New York, down 1 percent for 2011. Cocoa plunged 31 percent in 2011 on signs of expanding supplies from Ivory Coast, the world’s biggest grower. Cotton fell 37 percent this year amid rising output and dwindling demand. Copper, often seen as an indicator of economic activity it is used in building construction and automobiles, is set for the first loss since 2008....MORE