(Bloomberg) -- Hedge funds betting on commodities lost the most in almost three years in July as the price-rout deepened.

Funds lost money for a third month, according to the Newedge Commodity Trading Index, which was released to investors Friday and tracks the performance of raw-material trading strategies including equities and physical products. The 1.3% decline was the most since October 2012 and the index is down 2.4% this year. A slide in everything from oil to metals pushed commodity prices down the most since 2011 in July.

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