In September 2024:
Brent oil price was down 8.9% m/m. Despite the few bullish factors, prices continued declining amid oversupply and underconsumption concerns. The month’s decline was quickly overturned by sudden surge of prices in the beginning of October, following the significant escalation between Israel, Hezbollah, and Iran.
Natural gas price was down 0.4% m/m. Despite a marginal monthly decline, price is up 11.1% since mid-September. Traders assessed risks related to winter supplies and potential rise in demand amid cold weathers.
Gold price was up 5.2% m/m. Precious metal kept braking new records in all four weeks of September, primarily driven by interest rate cuts and supported by Middle East tensions and Indian demand.
Ammonium nitrate price stayed constant at US$ 247.5 per ton. Fertilizers are short of sustaining 2023 demand growth so far in 2024.
Wheat price was down 0.9% m/m. Poor weather in large producer countries and low Chinese demand more-or-less balance each other. However, any future mismatch between demand and supply dynamics may easily tip the prices.
Copper price was up 6.3% m/m. China’s latest stimulus package and the outlook of further cuts in US interest rates fueled gains of metals, including copper, temporarily pushing it above US$ 10,000 per ton.
Ferrosilicon - European ferrosilicon price was down 1.4% m/m, while its Chinese counterpart shed 2.3%. Despite the declines, sentiment turned a bit positive following the China’s stimulus package aimed at failed real estate sector.
