Fear of glut grips commodities as Xi shifts China's economic focus

New York

A SLOWDOWN in the world's biggest consumer of most commodities is reviving fears over a glut in raw materials.

The Bloomberg Commodity Index extended declines after sliding the most in six months on Tuesday. Futures in China also plunged in overnight trading.

Concern is increasing that demand will weaken as the world's second-biggest economy dials back amid a pledge by President Xi Jinping to focus on the quality of expansion rather than the pace of it.

Nickel, iron ore and oil all dropped, and shares of resources companies slipped in Asia.

After signs of tighter sup…