Commodities Sink With New Virus Strain Imperiling Growth Outlook

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Fast-spreading Covid-19 strain creates risk of fresh lockdowns
Gold reverses course to trade lower in global market selloff

Commodities from copper to crude and cotton plunged as the emergence of a highly mutated Covid-19 strain raised concerns about the outlook for global demand and sent financial markets spiraling.

Industrial metals including zinc and nickel fell more than 3% in London, while oil futures tumbled below $69 a barrel and cocoa plunged 4.6% on Friday, when U.S. markets reopened after the Thanksgiving holiday. Sugar, wheat, coffee and corn also dropped. The Bloomberg commodity spot index fell 3.4% in its biggest decline since June.