Commodities Monthly Outlook - April 2024

In April 2024:

Brent oil price was up 0.4% m/m. Brent crude closed month at US$ 87.9, briefly even slipping below US$ 85.0 per barrel, lowest point since middle of March 2024.

Natural gas price was up 5.4% m/m. April trading saw some sharp swings in both directions with prices ranging from US$ 26.8 to US$ 38.3 per mwh.

Gold prices rose by 2.5% m/m, continuing the upward momentum seen in 2023. The precious metal repeatedly set new records throughout the month, at one point briefly exceeding US$ 2,400 per troy ounce.

Price of ammonium nitrate decreased by 24.0% m/m. This decline aligned with the downward trend in the price of its key production component, natural gas.

Wheat price was up 4.1% m/m. Despite the growth, prices remain 22.6% lower year-to-date.

Copper price was up 12.8% m/m, briefly even pushing over US$ 10,000 per ton. Analysts expect significant copper shortage on the market, driven by improving industrial activity in key economies and limited supply growth prospects.

European ferrosilicon price was down 4.6% m/m, while its Chinese counterpart gained 7.3% m/m. Rise in Chinese prices is largely due to stronger exports as the local demand remains muted.