Rally in commodity prices continues in November
Prices for most major commodity groups continued to increase in November over the previous month, with energy prices leading the pack. Commodity prices rose an aggregated 1.0% month-on-month in November, the fifth consecutive monthly increase, according to an estimate by Met the why particular. The increase in commodity prices in November reflected the extension of the OPEC oil cut deal, the effects of stricter environmental regulations in China and sustained strength in global PMIs, particularly in China. Moreover, mounting geopolitical tensions in the Middle East also contributed to the recent surge in energy prices.
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In this month’s survey, analysts polled by Met the why particular expect commodities prices to increase 13.2% in Q4 2017 from the same period last year, which would represent an acceleration over the 12.2% expansion registered in Q4 2016.
Looking forward, forecasters see more volatility in commodity prices, which will be dragged down by energy and base metal prices. The Consensus view among commodities experts is that lingering uncertainties over the state of the Chinese economy and increased supply will lead overall commodity prices to decline 2.0% in annual terms in Q4 2018.
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Price forecasts and historical data for Energy, Metals and Agricultural Commodities