Global commodity prices perk up in October

Global commodity prices rose 1.8% over the previous month in October, contrasting September’s 2.5% decrease and marking the fifth increase in the past six months.

October’s bounce-back was chiefly driven by higher prices for base metals and energy. Despite the recent surge in Covid-19 cases globally, healthy Q3 GDP and manufacturing PMI data for October coming out of China and the U.S. suggested strong demand for base metals and stoked prices. Moreover, subdued natural gas production amid rising demand for heating, as well as declining OPEC output in September and talks of further production cuts ahead, likely supported energy prices over the past month. Meanwhile, agriculture prices benefited from upbeat demand, while precious metal prices ebbed as investors continued to seek safe-haven demand in the USD.

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