In February 2024:
Brent oil price was up 2.3% m/m. Tighter inventories helped push prices up in February, but unlike last month, this was not the only driver of the modest gain. Concerns over the wider Middle East conflict, expected demand and supply changes and the upcoming OPEC+ meeting shaped the trading for crude in February.
Natural gas price was down 16.4% m/m. European gas prices fell to levels last witnessed before the energy crisis. Notably, demand as well as supply factors had adverse impact on prices that are expected to remain relevant in at least a short-to-medium term.
Gold price was up 0.2% m/m. In the first half of February gold traded below $2,000 per ounce threshold for the first time this year, driven by global macroeconomic factors. The return of fears about the banking sector pushed gold price to the new heights in the first few days of March 2024.
Ammonium nitrate price stayed constant at US$ 215 per ton. While the farmers’ protests are still active in Brussels, Madrid, Warsaw and more, outlook for future fertilizer demand remains uncertain.
Wheat price was down 9.8% m/m. The prices have declined due to rising production in large suppliers such as Brazil, Russia and the US. Current market conditions hint at sustainable low prices in the near term.
Copper price was down 1.2% m/m. Tight copper concentrate market supports the refined copper price. S&P Global anticipates 292,000 metric ton deficit on the market in 2024, supporting the upward price trend.
Ferrosilicon – European ferrosilicon price was down 3.9% m/m and its Chinese counterpart dropped by 3.7% m/m. Forecast of the future price movements seem uncertain as the challenges in iron ore and steel industries persist.
