Twenty of the materials tracked by the S&P GSCI declined last week. Crude oil tumbled 8.4 percent and reached the lowest price in almost eight months, while cotton slumped to a 27-month low. Nickel led the declines in base metals, dropping 5.6 percent. Wheat dropped 10 percent even as hedge funds became the most bullish since June 2011. Crude extended its slump today, falling 0.9 percent to $82.48 a barrel.
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