Euro crisis likely to drag commodity prices much lower

Our already low end-2013 forecasts for the prices of a range of major commodities, including Brent crude ($75 per barrel), copper ($5,000 per tonne) and corn (500 cents per bushel), assume that the eurozone crisis escalates only gradually, contributing to a sustained period of sluggish growth in the world economy rather than another outright global recession. But if the euro-zone crisis threatens to spiral out of control, prices could reach these levels much sooner and probably fall even further.