The authors report a metamaterial (MM) consisting of cut-wire structures which shows near-perfect absorption at microwave frequencies. Experimental results show slight lower performance than simulation. The analysis of the spectra and retrieved electromagnetic parameters demonstrate that the mismatch is attributed to the considerable influence of the dielectric loss on the strength of the electric and magnetic resonances, which largely determines the ability of the MM absorber. Such dependence on dielectric loss provides an important clue for the design of MM absorber aiming at specific applications where high efficiency energy collection in dielectric is needed.