Only energy posted gains in October, leaving global commodity prices near levels last seen in mid-2022, when the Russia-Ukraine war pushed them up. Stronger Chinese imports lifted crude oil, while the approach of winter in the Northern Hemisphere propped up natural gas. Every other commodity group lost ground in the month. A stronger U.S. dollar and weakness in AI stocks weighed on base metals; copper edged up only because of supply disruptions in Chile. Meanwhile, USD strength and rising Fed rate expectations weighed on precious metals, though gold showed some resilience thanks to safe-haven demand amid renewed U.S.-Iran tensions. In agriculture, corn and wheat led the decline, as supply estimates improved and export demand softened.
Global commodity prices increased 0.3% month on month in October, following September’s 9.8% rise.
This chart displays Brent Crude Oil (US$/bbl) from 2024 to 2026.