Why Commodities Faltered Amid Stock Market Rout [Video]

Commodities ranging from oil to copper joined Monday’s global stock market freefall, extending recent weakness that may have foretold the current sell-off in equities.

Brent crude, the global oil benchmark, for September delivery fell as much as 2.1% to an eight-month low of $75.18 per barrel Monday morning before recovering somewhat in the afternoon. Brent has dropped about 14% in the past month.

Other commodities also declined Monday. Prices for copper, a key material used in construction and electronics, declined as much as 4% early in the day. Live cattle prices initially fell 2%, coffee prices dropped nearly 4%, and even gold—long considered a safe haven for investors in times of financial turbulence—fell more than 2% before regaining some ground later Monday.

Unlike stocks, which spent the first half of July at record highs before slipping, broad commodity marketshave been headed lower for the last month. The S&P GSCI Index, a compilation of 24 different commodity prices, has plunged nearly 10% …