It is shown that the minimum cut ratio is within a factor of O(log k) of the maximum concurrent flow for k-commodity flow instances with arbitrary capacities and demands. This improves upon the previously best-known bound of O(log2 k) and is existentially tight, up to a constant factor. An algorithm for finding a cut with ratio within a factor of O(log k) of the maximum concurrent flow, and thus of the optimal min-cut ratio, is presented. Key words. approximation algorithms, cuts, sparse cuts, network flow, multicommodity flow AMS subject classifications. 05C38, 68R10, 90B10 PII. S0097539794285983