Global commodity prices fall again in August

Global commodity prices fell 3.2% month on month in August, following a 12.0% plunge in July which had marked the strongest contraction since the height of the Covid-19 pandemic in April 2020.

Global commodity prices fell for the second consecutive month in August, dragged down by sliding energy prices. Lower prices for oil and its derivates were in the driver’s seat of the overall decline. Rising fears of a global recession ahead amid slowing activity in key economies—China, the EU and the U.S.—boded poorly for the consumption of crude oil, gasoline and gasoil. Similarly, weak demand hit prices for thermal and coking coals. In contrast, natural gas prices soared to a record high in August, amid a supply crunch in Europe due to the hit to Russian exports. Meanwhile, prices for the other three commodity groups tracked by our panelists rebounded mildly over the past month. Base metal prices were boosted by a weaker U.S. dollar and a tighter supply backdrop, although downbeat economic data coming out of China kept prices well below their H1 average. Similarly, agricultural prices regained some lost ground in August, chiefly on the back of supply fears due to adverse weather conditions in west Africa, south Asia and parts of the Americas. Lastly, precious metals prices rose mid-way through Q3, boosted by stronger safe-haven demand and a seemingly recovering global automotive sector.





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