Global commodity prices recover in January

In January, global commodity prices broke the downward trend observed in the previous two months, rising 0.5% in month-on-month terms following December’s 1.6% drop.

The rebound in global commodity prices reflected a sharp increase in prices for oil and oil derivatives after OPEC+, an informal club composed of OPEC, Russia and other non-OPEC producers, agreed to cut production. An uncertain global economic outlook and the “pause” by the U.S. Federal Reserve propelled precious metal prices, while solid demand supported prices for agricultural products. Conversely, somber economic growth perspectives for China hit base metal prices.

FocusEconomics Consensus Forecast panelists surveyed this month expect global commodity prices to increase 5.5% in Q4 2019 from the same period in 2018 (previous edition: +6.5% year-on-year), thanks to higher prices for all commodity groups but energy. FocusEconomics panelists expect commodity prices to rise 3.2% in annual terms from Q4 2019 to Q4 2020

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