updated 11/12/2010 3:37:42 PM ET 2010-11-12T20:37:42

Commodity prices are tumbling on worries that China might have to raise interest rates to combat inflation.

That could slow down China's strong economy, which would reduce demand for many basic materials including copper, crude oil and soybeans. Many countries have relied on strong growth in China to offset weak demand in countries like the U.S.

Copper is down 3.1 percent, while oil is off 3.3 percent. Soybeans are down 5.2 percent.

Analysts say the pullback in commodities was long overdue. Prices for basic materials have been surging in recent weeks. Even with Friday's losses, many commodity prices are still above levels where they were trading at the beginning of the month.

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