September’s decline was solely driven by a fall in energy prices. Prices for all fuels barring natural gas declined due to the prospect of imminent OPEC+ cuts and softer crude demand in China. On the flip side, all other groups witnessed price increases in September. Agricultural prices rose on mounting supply concerns amid extreme weather in key producing regions, plus expectations of higher demand on the back of the Fed’s cut, China’s new stimulus package and India’s upcoming festival season. Expansionary policies by the Fed and China were also the key drivers of a broad-based price increase in the base metal complex. Lastly, precious metals benefited from an escalation of conflict in the Middle East and the Fed’s cut, which pushed gold to a fresh all-time high.
Commodities prices decreased 3.6% month on month in September, following August’s 4.5% fall.
This chart displays Brent Crude Oil (US$/bbl) from 2022 to 2024.