Dec. 12 (Bloomberg) -- Cotton fell to a 15-month low after European Union leaders failed to contain the regionΆs debt crisis, while a rising dollar cut the appeal of commodities as alternative assets.

Global equities fell and the euro weakened as MoodyΆs Investors Service said it will review ratings for EU countries after leaders offered few new measures to stem the credit turmoil during last weekΆs summit. The Standard & PoorΆs GSCI index of 24 raw materials dropped as much as 1.6 percent, as the dollar climbed against a basket of six counterparts.

“All commodity markets are worried about whatΆs going to happen next in Europe,” Sid Love, the president of Joe Kropf & Sid Love Consulting Services in Overland Park, Kansas, said in a telephone interview. “The euro is down, and the dollar rose. So, itΆs going to be about outside markets, again.”

Cotton futures for March delivery dropped 3.6 percent to settle at 87.16 cents a pound at 2:45 p.m. on ICE Futures U.S. in New York, the fourth straight decline. Earlier, the price touched 87.06 cents, the lowest since September 2010. The fiber has plunged 40 percent this year.