Global commodity rebound at record pace in May

Global commodity prices jumped 17.2% over the previous month in May, rebounding from April’s 17.9% plunge and marking the biggest increase since our records began in June 2007.

FocusEconomics panelists project global commodity prices to contract 22.9% year-on-year in Q4 2020 (previous edition: -25.9% year-on-year). Sliding energy prices due to eviscerated global oil demand will likely spearhead the overall downturn, with prices for base metals seen plunging on waning industrial activity. While solid safe-haven demand should soften the overall blow, as the global economic outlook remains uncertain owing to Covid-19-related volatility and the risk of a second wave of infections. Commodity prices are expected to recover further ahead, with panelists forecasting a 16.4% year-on-year rebound in Q4 2021.

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