Commodity prices fell in June due to declines in agricultural and metal prices. Agricultural prices decreased due to an improving supply outlook for corn, soybeans and wheat. Moreover, base metals traded lower amid downbeat Chinese demand and rising production of heavyweights copper and aluminium. In addition, precious metals lost ground due to a stronger USD, as the Fed increased its interest rate projections. Lastly, energy prices were largely unchanged. Crude oil prices traded around May levels but exhibited significant fluctuations due to OPEC+ cuts and rising tensions between Israel and Hezbollah. Meanwhile, rising natural gas prices roughly offset sizeable declines in thermal coal and uranium.
Commodities prices decreased 1.0% month on month in June, following May’s 2.1% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.