The rise in global protectionism was a key driver behind most commodity price movements in March, though it had different effects across the board. Energy prices declined as trade frictions cooled consumer and investor confidence as well as economic growth prospects, thus taming demand for oil. Meanwhile, retaliatory Chinese tariffs on U.S. agricultural products, coupled with improving supply outlooks, dented prices for agricultural commodities. At the other end of the spectrum, the uncertain global economic panorama boosted safe-haven demand for precious metals and in turn, their prices. Lastly, base metals traded higher due to stronger industrial momentum and stimulus policy announcements in China, as well as supply disruptions.
Commodities prices decreased 2.5% month on month in March, following February’s 1.3% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2023 to 2025.