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Commodity prices show extreme volatility in 2024
(MENAFN) Commodity markets have experienced significant fluctuations this year, with some prices surging by nearly 70 percent while others have plunged by around 30 percent. Gold, in particular, has reached unprecedented highs, reflecting its status as a preferred safe haven amid economic uncertainty. The S&P GSCI, which tracks overall commodity market performance, posted a notable 12 percent increase in the first four months of the year before recent adjustments reduced the gain to 2.18 percent.
Cocoa has emerged as the top performer among commodities, with futures reaching a record USD11,722 per metric ton in April. This surge is attributed to supply constraints caused by crop damage in West Africa due to diseases and severe weather events. Eggs have also seen a dramatic increase in price, climbing over 62 percent this year due to a resurgence of bird flu affecting poultry farms in the U.S., Japan, and other regions. Orange juice futures also spiked to record levels in May, adding to the list of commodities experiencing significant price hikes.
Conversely, iron ore has been the worst-performing commodity, falling more than 27 percent as China’s ongoing property crisis diminishes demand for this essential steel ingredient. Grain prices have also declined, with wheat dropping 14.8 percent, corn 14.86 percent, soybeans 25.3 percent, and cotton 25.34 percent this year. The broader commodity market's volatility underscores the diverse factors influencing price movements, from geopolitical developments to supply chain disruptions.
Cocoa has emerged as the top performer among commodities, with futures reaching a record USD11,722 per metric ton in April. This surge is attributed to supply constraints caused by crop damage in West Africa due to diseases and severe weather events. Eggs have also seen a dramatic increase in price, climbing over 62 percent this year due to a resurgence of bird flu affecting poultry farms in the U.S., Japan, and other regions. Orange juice futures also spiked to record levels in May, adding to the list of commodities experiencing significant price hikes.
Conversely, iron ore has been the worst-performing commodity, falling more than 27 percent as China’s ongoing property crisis diminishes demand for this essential steel ingredient. Grain prices have also declined, with wheat dropping 14.8 percent, corn 14.86 percent, soybeans 25.3 percent, and cotton 25.34 percent this year. The broader commodity market's volatility underscores the diverse factors influencing price movements, from geopolitical developments to supply chain disruptions.
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