Commodities fell to the lowest in a week, led by copper’s drop to a nine-month low, on speculation that demand for raw materials will decline after European policymakers failed to introduce a plan to stem the region’s debt crisis. Gold gained. Industrial users of metals and energy and companies that use agriculture commodities to make food may slow purchases, waiting on a solution to the euro crisis. International monitors this week will assess whether Greece can meet the conditions of rescue loans and avoid default. “People are waiting on the sidelines to see if prices get cheaper,” said Gary Mead, an analyst at VM Group in London. “Industrial and end-users and consumers in the wholesale sense are in a wait-and-see mode. It’s clearly the fact that there’s no decision on the table for the end of the euro crisis. There’s a tremendous amount of fear out there.” The Standard & Poor’s GSCI Spot Index shed as much as 1 percent to 645.79, the lowest level since Sept. 12, extending last week’s 1 percent loss. Copper for three-month delivery declined 3.6 percent to $8,386 a metric ton on the London Metal Exchange by 10:43 a.m. local time, the lowest price since Dec. 1. Crude oil for November delivery shed as much as 1.9 percent to $86.54 per barrel in New York. Gold increased as much as 0.9 percent to $1,828.74 an ounce. Mine Strikes Copper had been supported by strikes at Freeport-McMoRan Copper & Gold Inc. (FCX)’s mines in Indonesia and Peru. Freeport resumed mining at its Grasberg mine over the weekend as 1,500 workers returned to the site in Indonesia’s Papua province. Miners in Peru may strike again on Sept. 27, a union official said, after they returned to their jobs this weekend ending a four-day work stoppage. The S&P GSCI Spot Index has tumbled 4 percent this month, extending the 1.7 percent loss in August. Concerns that there may be an economic slowdown in the euro zone and the U.S. have outweighed the effects of constrained supplies of crude and copper. A report this week may show U.S. home construction dropped to a three-month low. Finance chiefs from the euro region said last week the 18- month debt crisis leaves no room for tax cuts or extra spending to spur an economy on the brink of stagnation. Reports this week are forecast to show a decline in German investor confidence and a slowdown in manufacturing in Europe’s largest economy. Global Traction Money managers cut their net-long positions in 18 commodities by 5.2 percent to 1.21 million futures and options contracts in the week ended Sept. 13, government data compiled by Bloomberg show. That was the first drop since early August. “People are fearful of global contraction, based on everything that’s going on in Europe,” said Jeffrey Sherman, who helps manage $16 billion for DoubleLine Capital in Los Angeles. “It’s a risk-off type of trade.” Crude oil for November fell $1.25, or 1.4 percent, to $86.93 a barrel on the New York Mercantile Exchange. Gold for immediate delivery climbed 0.3 percent to $1,816.746 an ounce. December-delivery bullion advanced for a second day, rising 0.3 percent to $1,819.30 an ounce. “Precious metals were higher as uncertainty regarding the euro-zone debt crisis rose again,” Citigroup Inc. analysts including David Thurtell wrote in a note. December-delivery corn lost 1.1 percent to $6.8475 a bushel on the Chicago Board of Trade. Wheat for December delivery slipped 7.25 cents, or 1.1 percent, to $6.81 a bushel and soybeans for November delivery fell 11.25 cents, or 0.8 percent, to $13.4425 a bushel. 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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