In June 2024:
Brent oil price was up 5.9% m/m. Fears of a wider Middle East conflict turned some traders bullish. Along with the geopolitical risks, potential cataclysmic events inflate prices.
Natural gas price was down 5.3% m/m. Despite some minor ups and downs in the price, there were a few important political events for the industry during the month. The news primarily came from Russia, EU, and United States.
Gold price was stable with minor ups and downs, closing the month flat m/m at US$ 2,327 per troy ounce. People’s Bank of China has been increasing its gold reserves since November 2022, but did not buy any precious metal in May and June 2024.
Ammonium nitrate price was up 17.3% m/m. As natural gas is a primary component of nitrogenous fertilizers’ production, their prices are highly correlated. Following a 20.4% m/m surge of natural gas price in May 2024, ammonium nitrate price growth in June was largely anticipated.
Wheat price was down 6.4% m/m. Despite the decline, supply outlook for the global wheat remains gloomy with lower harvest volumes in major producer countries.
Copper price was down 4.6% m/m. The spring rally that saw copper prices surge over record-breaking US$ 11,000 per ton has relatively cooled. The growth was driven by the speculators betting billions of dollars on copper deficit.
Ferrosilicon - European ferrosilicon price was down 3.2% m/m, while its Chinese counterpart lost 3.7% m/m. Meanwhile, silico-manganese gained 18.9% m/m.
