Commodity Prices Sag on Economic Worries

NEW YORK -
Commodities prices tumbled Monday as investors questioned the strength of the U.S. economy and what impact any weakness in this country might have on global demand for crude oil, copper and other raw materials.
Oil plummeted more than $2 on Monday, while industrial and precious metals prices slumped lower. Agriculture futures were mixed, meanwhile.
Without fresh economic news, commodities traders continued to digest last week's barrage of mostly weak data on personal income, construction spending, factory orders and other indicators. Data gauging the health of the overall economy in July has come in worse than economists expected and left commodities investors disquieted.
Investors are also awaiting a decision by the Federal Reserve on its benchmark interest rate, which has held firm at 5.25 percent since June 2006. Although the Fed is widely expected to leave the key rate untouched at its meeting on Tuesday, investors will scour the central bank's policy statement comments for clues into the health of the economy - and the troubled credit markets in particular.