FXStreet (Mumbai) - The relentless sell-off in the commodities space this year has pushed the Bloomberg commodity index lower by 25%. The index closed at its weakest level since 1999 on Tuesday as commodity rout picked up pace following the weak China trade data. The oversupplied oil also hit fresh 6-1/2 year lows and pushed other commodities lower. The 24% decline in the commodity index is a boon if the consumption picks up. Otherwise, the mining and energy firm face losses and complicate matters for the central banks moving towards a rate hike – Fed and BOE. Meanwhile, the Bloomberg World Mining Index plunged to the lowest level since the global financial crisis in 2008. For more information, read our latest forex news.