Summary Box: Commodities plunge on Europe worries (AP)

COMMODITIES PLUNGE: Energy, metals and agricultural contracts all fell sharply as new doubts surfaced about the ability of European leaders to prevent a breakup of the euro.

EUROPEAN WOES: The concerns deepened after Italy's borrowing rates rose. That caused the euro to weaken and the dollar to strengthen. Commodities are priced in dollars, so a stronger dollar makes them more expensive for buyers using other currencies.

PROFIT SEEKERS: Many traders sold appreciated commodities contracts to make up for losses in other markets, and bought relatively low-risk assets like dollars and Treasurys.

Source: http://us.rd.yahoo.com/dailynews/rss/europe/*http%3A//news.yahoo.com/s/ap/20111214/ap_on_bi_ge/us_commodities_review_summary_box

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