Global commodity prices dip in January amid falling energy prices
Global commodity prices fell 1.5% over the previous month in January, contrasting December’s 2.4% increase and marking the first month-on-month decrease since October.
The downturn in prices at the outset of 2020 was entirely driven by plummeting energy prices due to mounting fears of a marked downturn in Chinese oil demand amid increasing disruption linked to the coronavirus outbreak. Meanwhile, base metal prices remained broadly stable in January, as the coronavirus fallout mostly offset upside pressures stemming from healthier-than-expected end-of-year industrial activity data from China, Eurozone and the U.S. In contrast, precious metal prices soared in January on booming demand for safe-haven assets amid worries of a global slowdown. Lastly, agricultural prices rose for a second month running in January .
bet360备用网址FocusEconomics Consensus Forecast panelists project global commodity prices to increase 0.4% in Q4 2020 over the same period in 2019 (previous edition: +0.7% year-on-year). The overall upturn should be spearheaded by rising prices for precious metals, which should more than offset lower energy prices. That said, the outlook for global commodity prices remains highly volatile. Trade war uncertainty, the impact of the coronavirus outbreak on fragile global growth, a potential extension or deepening of oil production cuts and geopolitical tensions all represent major risks to the outlook. Global commodity price growth is seen quickening going forward, with panelists forecasting a 2.3% year-on-year gain in Q4 2021.
bet360备用网址Price forecasts and historical data for Energy, Metals and Agricultural Commodities