March’s increase was broad-based; the aggregate prices for agricultural commodities, energy and metals all increased. Strong demand and supply woes led to a rebound in prices of heavyweights corn and soybeans, and cocoa hit a new all-time high due to protracted supply concerns. Regarding energy, oil prices rose on the back of OPEC+ extending production cuts until the end of June, as well as a strong U.S. economy and the rerouting of shipping away from the Suez Canal. Meanwhile, recovering manufacturing activity in China and downbeat supply boosted prices for most base metals. Lastly, precious metals traded higher due to mounting geopolitical tensions in the Middle East, with gold hitting a fresh record high.
Commodities prices increased 2.8% month on month in March, following February’s 0.9% rise.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.