In December 2023:
Brent oil price was down 7.0% m/m (-10.3% y/y). Top investment banks cut brent price forecasts for 2024 following the increased production from non-OPEC+ countries (mainly US).
Natural gas price was down 29.7% m/m (-54.5% y/y). Despite the low temperatures and the supply risks related to the Red Sea, high level of inventories (86%) in Europe will keep the prices in check for at least the short-term period.
Ammonium nitrate price was up 1.4% m/m (-52.0% y/y). The modest growth is in-line with our previous review and underscores the forecast of the narrow trading range of the commodity this winter.
Wheat price was up 2.6% m/m (-7.1% y/y). Increased export from US to China leaves smaller-than-expected domestic inventories to US.
Copper price was up 0.9% m/m (+1.2% y/y). Production cuts from First Quantum Minerals in Panama, due to Supreme Court ruling, is set to send market into deficit in 2024.\
Ferrosilicon – European commodity price was up 3.2% m/m, while its Chinese counterpart stayed constant at $1,335 per ton.
Gold price was up 1.3% m/m. It closed the year up by 13.1%, first yearly gain in three years. According to many analysts, despite the strong year, gold can still push higher in 2024.
