Commodities Prices

November saw broad-based gains across all commodity groups. In the energy sector—the largest component of our basket—natural gas led the rally, surging over 30% on stronger European demand and cooler seasonal temperatures. Among agricultural commodities, soybean prices climbed to a 17-month high, supported by the U.S.-China trade truce reached in late October, while corn prices rose amid renewed tensions in the Black Sea region that disrupted Ukrainian shipments. Base metals also strengthened, driven by expectations of further Fed interest rate cuts in December and ongoing supply disruptions. Finally, precious metals rose as well, buoyed by persistently tight silver supplies following October’s squeeze and sustained demand amid lingering economic uncertainty.

Commodities prices increased 1.5% month on month in November, following October’s 0.4% fall.