In July 2023:
Brent oil price increased by 14.2% m/m due to the string of production cut announcements by OPEC+ members. Additionally, surge in oil prices owes much to China’s stimulus measures and the reopening of their economy, according to Goldman Sachs.
Natural gas price was down 24.9% m/m as the presence of abundant inventories balanced out potential supply risks.
Ammonium nitrate price was up 49.0% m/m. However, growth was driven by low base effect, as prices hit 5-year minimum in Jun-23.
Wheat price was up 3.0% m/m. Wheat futures soared in the middle of July due to Russia’s decision to withdraw from a critical agreement that permitted the export of grain from Ukraine, raising uncertainty in the wheat market.
Copper price was up 5.7% m/m on the back of China releasing further policy guidelines to implement measures to better address homebuyers’ needs.
Ferrosilicon prices – Chinese and European – were down by 0.7% m/m and 8.9% m/m, respectively. After reaching their highest levels in 2021, the prices of ferroalloys are gradually decreasing.
Gold price was up 2.4% m/m. Despite slowing demand from central banks in 2Q23, gold prices have remained strong, rallying amid signs of the US monetary tightening cycle nearing its end.
