Cyprus concerns hit commodities prices

<p>Commodities have fallen by the highest amount in a fortnight.</p>

Concerns over the economy in Cyprus have caused the value of commodities to fall by their highest level in two weeks.

Bloomberg reports that worries over the plight of Cyprus has "rekindled" concerns that Europe's debt crisis may worsen and this has hindered demand for materials such as oil and copper.

Stardard & Poor's GSCI Spot Index has fallen by 1.2 per cent and stood at 645.70 at 11.28am GMT this morning (Monday March 18th).

That is its lowest level since March 1st. Copper in London is now at its lowest value in five months, while crude oil in New York suffered its biggest loss since the beginning of the month.

Leila Kim, a trader at Tong Yang Securities Inc in Seoul, South Korea, said: "The Cyprus issue is the biggest driver of sharp falls in commodities across the board as that is pushing the euro lower and the dollar higher."

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