Global commodity prices continue falling at the outset of Q4

Global commodity prices dipped 1.1% month on month in October. This marked the fourth consecutive month of declining prices and came on the heels of September’s 3.0% decrease.

Global commodity prices continued falling at the outset of Q4, although the decline was the softest since July. The downturn was broad-based, with all four commodity groups tracked by our panelists posting month-on-month declines. Precious metals led the charge, hurt by elevated bond yields, fears of further interest rate hikes and a stronger USD. Weaker industrial demand added further downside pressure. Moving to base metals, bleak demand prospects amid deteriorating manufacturing conditions globally and a waning appetite for metals due to economic woes in China hammered prices in October. However, fears concerning the supply of Russia-originating copper, aluminium and nickel, coupled with depleted inventories of lead, softened the overall downturn. Similarly, energy prices declined over the past month, chiefly on weaker demand conditions amid cooling global growth. A tighter supply backdrop following OPEC+’s decision to reduce output offered support to oil prices, however, which in turn minimized the overall decline in energy prices. Finally, agricultural prices dipped in October, weighed on by weak demand and a healthy supply backdrop.




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