Global commodity prices continue to rise in March

Global commodity prices expanded for the third consecutive month in March, rising 2.9% month-on-month. The print followed February’s 4.9% increase, which was an over one-year high.

OPEC+ efforts to cut global oil supply continued to boost prices for oil and oil-related products. Moreover, signs that growth in China could bottom out propelled demand for base metals, pushing up prices. Conversely, a less uncertain global economic outlook led precious metal prices to contract for the first time in seven months, while prospects of bumper harvests continued to drag on agricultural prices.

Met the why particular Consensus Forecast panelists surveyed this month expect global commodity prices to be flat in Q4 2019 compared to the same period in 2018. Sharp gains in precious metal, agricultural and, to a lesser extent, base metal prices are expected to be offset by lower energy prices, especially for natural gas, thermal coal and coking coal. Met the why particular panelists expect commodity prices to fall 0.2% in annual terms from Q4 2019 to Q4 2020.

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