Commodities fell to a 10-month low on speculation a Greek default would slow global growth and curb demand for raw materials. The Standard & Poor’s GSCI Spot Index fell as much as 1.5 percent to 582.39, the lowest since Dec. 1, and was down 1.2 percent at 8:51 a.m. in London. The gauge tumbled 12 percent in the three months to Sept. 30, the most since the 44 percent plunge in the final quarter of 2008. Copper fell as much as 5.5 percent to $6,635 a metric ton in London, the lowest since July 2010. Crude dropped as much as 2.3 percent to $77.36 per barrel in New York. European officials gather in Luxembourg today to discuss the debt crisis and consider a further boost to a rescue fund. Greece yesterday approved austerity measures as part of efforts to secure an aid payment and a second rescue package. An index of U.S. manufacturing for last month probably slowed, economists said before an industry report today. “There’s some uncertainty on the macro-economic side,” Natalie Robertson, an analyst at Australia & New Zealand Banking Group Ltd., said by phone from Melbourne. The S&P GSCI Index has dropped 24 percent since April, meeting the common definition of a bear market. The U.S. and most of the euro region are already in recession, Nouriel Roubini, the economist who predicted the U.S. housing bubble that started the last slump, told the Bloomberg Dealmakers Summit in New York on Sept. 27. Crude Drops Crude for November delivery fell 1.7 percent to $77.73 a barrel on the New York Mercantile Exchange after closing last week at a one-year low. The fuel lost 17 percent last quarter. Copper dropped 4.2 percent to $6,725 a ton on in London, after losing 26 percent in the preceding three months. Money managers cut combined net-long positions across 18 U.S. futures and options by 26 percent in the week to Sept. 27, data from the Commodity Futures Trading Commission show. That’s the largest reduction in almost three years. The U.S. Institute for Supply Management’s factory index fell to 50.3 last month from 50.6 in August, according to a Bloomberg survey of economists ahead of the data’s release today. A reading of 50 divides contraction from expansion. Spot gold gained 1.6 percent to $1,649.20 an ounce and silver jumped 2.5 percent to $30.69 an ounce. “Gold is likely to be the beneficiary” of the European crisis, James Steel, an analyst at HSBC Securities USA Inc., wrote in a note. “Investors who may not have the patience to wait for a political solution to the debt crisis from policy makers may seek out gold as a portfolio diversifier.” To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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