Global commodity prices rebound in September

Global commodity prices jumped 5.7% month-on-month in September, bouncing back from August’s 2.0% decrease, which had marked the first contraction in prices since September 2020.

The recovery in global commodity prices was spearheaded by soaring energy prices. A tight supply backdrop due to still-recovering offshore oil production in the U.S. and ongoing production quotas among OPEC+ countries bolstered prices for crude oil and its derivates in September. Upbeat demand for power generation amid recovering economic activity added further steam to the rally as prices for natural gas skyrocketed. Moreover, base metal prices rebounded at the end of Q3, chiefly as output curbs in China boosted prices for aluminium and alumina, more than offsetting collapsing prices for iron ore and yet another dip in copper prices. In contrast, precious metal prices contracted for the fourth consecutive month in September, with palladium leading the downturn due to a subdued global automotive sector. Similarly, prices for agricultural commodities plunged in September, dragged down by lower prices for corn, soybeans and wheat.


 

 


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