In November 2024:
Brent oil price was down 0.3% m/m. Oil has been trading in a tight range since mid-October, driven by opposing bullish and bearish factors outweighing each other. Middle East conflict, Chinese demand, Trump’s policies, and OPEC meeting remained the top themes of the market in November.
Natural gas price was up 23.1% m/m. With the end of the Russia-Ukraine transit deal approaching and the colder than expected winter underway, natural gas prices jumped significantly over the month.
Gold price was down 3.7% m/m. The yellow metal experienced a choppy trading over the month with declines following the Trump win and gradual recovery after the escalation in Ukraine-Russia war.
Ammonium nitrate price was down 2.0% m/m. Difficulties in the fertilizer industry persists. The demand due to affordability is still low as the prices are up 33.3% since the beginning of 2024.
Wheat price was down 8.4% m/m. The commodity is set to close the year with double digit decline in prices. However, the trend may easily turn around.
Copper price was down 5.1% m/m. Chile, the world’s top copper supplier, has increased its mining activities over the last months, recording the most productive October since 2019.
Ferrosilicon - European ferrosilicon was up 1.2% m/m, while its Chinese counterpart lost 2.3% m/m. Stimulus measures disappointed the Chinese producers, leaving domestic demand weak.
