Commodity Market Update: June 21, 2024

In the latest developments in the global commodity markets, various key commodities have witnessed diverse price movements since June 21, 2024.

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Crude oil and Brent

• Crude oil rose slightly to $81.4 a barrel, marking a modest increase of 0.26% from the previous week. Over the past month, crude oil prices have risen 4.32%, reflecting robust demand amid geopolitical tensions and supply concerns.
• Brent crude oil followed suit, rising 0.35% to $85.9 a barrel. This upward movement is part of a broader trend that has seen Brent prices rise 4.90% over the past month, supported by global economic recovery efforts.

Natural gas and gasoline

• Natural gas prices showed resilience, rising 0.17% to $2.7 per million British thermal units (MMBtu). Despite a weekly decline of 5.08%, natural gas managed a slight gain of 1.51% on the year.
• Benzine prices rose 1.09% to $2.5 a gallon, driven by increased demand as economies continue to reopen. Gasoline prices have increased by 5.12% over the past year.

Coal, gold and silver

• Coal prices fell marginally by 0.92% to $134.8 a tonne. Despite this weekly decline, coal saw a notable year-on-year increase of 8.54%, supported by industrial demand.
• Gold prices fell 1.08% to $2,335.4 an ounce, weighed down by mixed investor sentiment amid inflation concerns. However, gold remains up 21.84% year-to-date.
• Silver prices posted a weekly decline of 3.13% to $29.8 an ounce, however the metal showed resilience with a robust annual gain of 33.73%.

Agricultural goods

• Wheat prices fell 3.20% to $567.3 per bushel amid favorable growing conditions and increased harvests. Wheat prices have fallen by 24.64% over the past year.
• Palm oil prices rose 0.13% to MYR3,962.0 per tonne, reflecting steady demand from the food and biofuels sectors. Palm oil prices increased by 11.23% annually.
• Cocoa prices rose 5.21% to $9,260.3 a tonne on supply constraints and rising chocolate consumption. Cocoa prices have increased by 194.17% in the past year.

The commodity market continues to navigate dynamic changes influenced by global economic conditions, geopolitical events and supply and demand dynamics. Investors are advised to closely monitor these developments as they assess market opportunities and risks.