Commodity prices continue to edge down amid economic concerns The price of nearly every commodity has surged over the past two years, as global demand outstripped worldwide stockpiles. Investors concerned over lingering worries about Europe's economy have sent prices falling over the past few weeks, however, with many commodities dropping on Monday.

Commodities fell precipitously in trading on Monday as reports indicating Greece could fail to qualify for additional financial aid necessary to keep its economy afloat. The country, which has drawn the ire of a number of wealthier European Union nations, has relied upon generous aid packages orchestrated by France and Germany to avoid defaulting on its considerable debt obligations.

Strife among EU nations has played out over the course of this year, unfolding incrementally as investors have awaited definitive action from the continent's leaders. Europe's sovereign-debt crisis, once relegated to smaller countries such as Greece, Portugal and Ireland, has spread, as concerns have emerged over both Italy and France's finances.

Some analysts contend Italian and French banks are significantly exposed to the debt crisis, with a number of experts contending they could face financial ruin unless EU leaders undertake a comprehensive course of action. German Chancellor Angela Merkel and French President Nicolas Sarkozy have sought to allay investor concerns, but they face domestic opposition for additional bailout funding.

Bloomberg reports Greece's Finance Ministry affirmed it had a "productive and substantive discussion" with international officials to determine whether it qualifies for more financing. Reversing losses it has logged over the past decade, the dollar jumped as much as 1.2 percent against a basket of six other major currencies, eroding the appeal of raw materials.

"Today was more about dollar strength driven by the deteriorating global economy," TEAM Financial Management LLC wealth manager James Dailey asserted. "Traders were moving away from riskier assets."

The drop in commodity prices extends a slump that began earlier in the month, data indicates. The Standard & Poor's GSCI Spot Index, an aggregate measurement of commodities' performance, has fallen 5.3 percent this month. The index also dropped in August, logging a 1.7 percent fall during the month.

Gold, silver, platinum and copper all fell on Monday on the New York Mercantile Exchange; soybeans and wheat futures similarly dropped on the Chicago Board of Trade, according to official data.
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