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The Associated Press May 23, 2012, 3:42PM ET

European debt crisis concerns jolt commodities

Commodity prices are falling across the board on fears that Europe's debt crisis may deepen.

Oil, copper, palladium, cotton and coffee prices dropped Wednesday to the lowest levels in at least a year and, in some cases, even longer.

Leaders of the countries that make up the European Union are discussing their financial problems and the political and financial uncertainty in Greece.

Separately, the World Bank has predicted that economic growth in the East Asian region would slow this year. The group includes China, which is a huge importer of commodities.

Investors worry that the problems of the two regions will hurt the global economy and slow demand for commodities.

In other trading, prices for gold, silver, wheat and soybeans are lower. Natural gas and corn are higher.

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