Commodities Prices

October’s price pullback was the result of lower energy and agricultural prices. Within energy, oil and its derivatives drove the fall, as OPEC+ continued to ramp up crude supply and demand stayed fairly tepid. Meanwhile, prices for seven of ten agricultural commodities tracked by our panelists fell in October, with cocoa leading the decline due to soft industrial demand and an improving supply outlook in West Africa. In contrast, prices for base and precious metals rose in October. Base metals were boosted by hopes of a U.S.-China trade truce, lower U.S. interest rates and widespread tight supply. Precious metals saw a double-digit jump in prices versus September thanks to strong central bank and safe-haven demand.

Commodities prices decreased 0.4% month on month in October, following September’s 1.5% rise.