Commodities Prices

Global commodity prices rose 3.0 % month on month in April, following a 4.8% drop in March. The expansion was the first since January and the strongest since May 2022.

The upturn in April was underpinned by a rebound in energy prices that was driven by higher prices for crude oil after OPEC+ announced further output cuts from May onwards early in the month. Moreover, precious metal prices gained ground on strong safe haven demand, expectations of a more dovish Fed and a weaker U.S. dollar. Meanwhile, prices for agricultural commodities rebounded, driven by higher prices for corn, coffee, sugar and rice. In contrast, base metal prices ticked down slightly, capping the overall upturn. This was chiefly due to lower prices for zinc, iron ore and copper, which more than offset higher prices for steel, nickel and aluminium, amid waning optimism over China’s economic recovery.

This chart displays Brent Crude Oil (US$/bbl) from 2021 to 2023.

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