Commodity Market Monthly

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1 Commodity Market Monthly Research Department, Commodities Unit May 12, Commodity prices surged 4.7 percent in April, with gains in all main indices, and in part due to depreciation of the U.S. dollar -- down 1.6 percent against major currencies. Oil prices rose on the back of declining U.S. oil production and persistent supply disruptions. Agriculture prices modestly increased, mainly the result of weaker supply; while a few metal commodities, such as iron ore, were lifted by stronger demand Crude Oil Prices ($/barrel) Dubai Brent WTI IMF Commodity Price Indices (5 = ) Non-Energy Total Energy 4 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Crude oil prices rose by 9.1 percent in April, averaging $4.7/bbl, and up for third consecutive month. The meeting in Doha between major oil producers ended without an agreement to freeze oil output. However, the initial decline was rapidly reversed due to new supply disruptions and a decrease in U.S. oil production. The U.S. Energy Information Administration expects U.S. crude oil output to average 8.6 mbd in 216, a decrease of.8 mbd from Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Natural gas price in the U.S. rose by 11.9 percent in April, despite the persistent large inventory, and averaging $1.9/mmbtu. Coal prices (Australia) decreased by 1.9 percent in April, reversing gains from the previous month. IMF Commodity Price Indices (5 = ) 22 Metals Agriculture Energy Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 1

2 IMF Commodity Price Indices (5 = ) 28 Vegetable Oils & Meal 26 Cereals Beverages Meat Seafood Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Agriculture prices increased 2.5 percent in April, extending gains from the previous month. Food and agricultural raw material prices rose each 3 percent, while beverages prices decreased 1 percent. Corn and soybeans prices increased 3 and 8 percent, respectively, due to unfavorable weather conditions affecting harvests in South America, especially in Argentina and Brazil. Rice prices rose 2 percent owing to prolonged dryness in parts of Asia. Wheat prices remained broadly unchanged. Palm oil prices reached its highest level in almost 2 years amid concerns of weak production and growing global demand. Coffee arabica prices fell slightly; while robusta prices were 5 percent up following reports of drought in several growing regions. Rubber prices sharply increased for second consecutive month in response to the export quota scheme implemented in March by the three larger producers (Thailand, Malaysia and Indonesia); the scheme is set to last until August 216. Tea prices declined for sixth consecutive month, on account of strong supply and weaker demand. Overall meat prices remained broadly unchanged, reflecting a generally balanced market. Metals prices rose by 1.6 percent in April, following rising oil prices. Iron ore increased by 7 percent, in line with high steel prices and China s steel production surging to a record. Aluminum rose 3 percent in April, as production and exports from China slowed down. Nickel joined the broader metals rally and rose 2 percent. Tin and Zinc also continued to rise in April. Copper decreased by 2 percent as China s imports fell. Uranium dropped for the sixth month in a row by 7 percent in response to the oversupplied market, and passed the low point in mid 214, slumping to its lowest since 5. April Commodity Prices Changes (percent from previous month) Rubber Natural Gas, US Soybean Meal Gasoline Crude Oil Soybeans Palm Oil Iron Ore Barley Cotton Orange Coffee, Robustas Wool, Fine Soybeans Oil Rapeseed Oil Fish (Salmon) Wool, Coarse Corn Zinc Groundnuts Fish Meal Aluminum Swine Nickel Rice Sunflower Oil Tin Sawnwood Hard Beef Cocoa Lamb Hides Poultry Wheat Sugar Copper Natural gas, EU Coffee, Arabica Coal, Australia Bananas Olive Oil Lead Shrimp Uranium Tea 2

3 Table 1. Market Prices for Non-Fuel and Fuel Commodities Units Q2 215Q3 215Q4 216Q1 Mar-16 Apr-16 Food Cereals Wheat $/MT Maize $/MT Rice $/MT Barley $/MT Vegetable oils and protein meals Soybeans $/MT Soybean meal $/MT Soybean oil $/MT Palm oil $/MT Fish meal $/MT Sunflower Oil $/MT Olive oil $/MT Groundnuts $/MT Rapeseed oil $/MT Meat Beef cts/lb Lamb cts/lb Swine Meat cts/lb Poultry cts/lb Seafood Fish $/kg Shrimp $/kg Sugar Free market cts/lb United States cts/lb EU cts/lb Bananas $/MT Oranges $/MT Beverages Coffee Other milds cts/lb Robusta cts/lb Cocoa Beans $/MT Tea cts/kg Agricultural raw materials Timber Hardwood Logs 1/ $/M Sawnwood 1/ $/M Softwood Logs 1/ $/M Sawnwood 1/ $/M Cotton cts/lb Wool Fine cts/kg Coarse cts/kg Rubber cts/lb Hides cts/lb / Provisional. 2/ Average Petroleum Spot Price (APSP). Average of U.K. Brent, Dubai, and West Texas Intermediate, equally weighted. 3

4 Table 1. Market Prices for Non-Fuel and Fuel Commodities (Continued) Units Q2 215Q3 215Q4 216Q1 Mar-16 Apr-16 Metals Copper $/MT Aluminum $/MT Iron Ore $/MT Tin $/MT Nickel $/MT Zinc $/MT Lead $/MT Uranium $/lb Energy Spot Crude 2/ $/bbl U.K. Brent $/bbl Dubai $/bbl West Texas Intermediate $/bbl Natural Gas Russian in Germany $/mmbtu Indonesian in Japan (LNG) $/mmbtu US, domestic market $/mmbtu Coal Australian, export markets $/MT / Provisional. 2/ Average Petroleum Spot Price (APSP). Average of U.K. Brent, Dubai, and West Texas Intermediate, equally weighted. Table 2. Indices of Market Prices for Non-Fuel and Fuel Commodities, (5=, in terms of U.S. dollars) 1/ (weights) 1/ Q2 215Q3 215Q4 216Q1 Mar-16 Apr-16 All Primary Commodities 2/ Non-Fuel Commodities Agriculture Food Cereals Vegetable oils and protein meals Meat Seafood Beverages Agricultural raw materials 3/ Timber Metals Edibles 4/ Industrial Inputs 5/ Energy 6/ Petroleum 7/ Natural Gas Coal / Weights based on 2-4 average world export earnings. 2/ Non-Fuel Primary Commodities and Energy Index. 3/ Includes Forestry Products. 4/ Edibles comprised of Food and Beverages 5/ Industrial (Non-Fuel) Inputs comprised of Agriculture and Metals 6/ Includes Petroleum, Natural Gas and Coal 7/ Average Petroleum Spot Price (APSP). Average of U.K. Brent, Dubai, and West Texas Intermediate, equally weighted. 4

5 Commodity Prices Movements Monthly (from 5) Daily (from 211) Crude oil ($/bbl) Crude oil ($/bbl) 125 Brent Brent 9 75 WTI 65 WTI Natural Gas ($/mmbtu) 15 Natural Gas ($/mmbtu) Japan Germany 1 1 Germany 5 United States 5 United States Sources: Energy Intelligence; Bloomberg, L.P. Iron Ore ($/ton) Source: Bloomberg, L.P. Iron Ore ($/ton)

6 Monthly (from 5) Daily (from 211) Copper ($/ton) Copper ($/ton) Aluminium ($/ton) Aluminium ($/ton) 2 Nickel ($/ton) Nickel ($/ton)

7 Monthly (from 5) Daily (from 211) Tin ($/ton) Tin ($/ton) Wheat ($/ton) 4 Wheat ($/ton) 4 35 Corn ($/ton) Corn ($/ton)

8 Monthly (from 5) Daily (from 211) Cocoa ($/ton) Cocoa ($/ton) Coffee (cents/lb) Coffee (cents/lb) 5 Swine (cents/lb) Swine (cents/lb)

9 Monthly (from 5) Daily (from 211) Beef (cents/pound) Beef (cents/lb) Source: Meat & Livestock Australia. Soybeans ($/ton) Cotton (cents/pound) Source: Bloomberg, L.P Soybeans ($/ton) Cotton (cents/lb)

10 Monthly (from 5) Uranium($/lb) Zinc ($/ton) Coal ($/ton) Logs ($/cubic meter) Australia 4 Hard 5 South Africa Soft Rubber ($/lb) Wool (cents/kg) Fine Coarse 1

11 Monthly (from 5) Rice ($/ton) Bananas ($/ton) Palm Oil ($/ton) Shrimp ($/kg) Sugar (cents/pound) Tea (cents/kg)

12 Gold ($/troy ounce) Daily (from 211) Silver ($/troy ounce) Platinum ($/ounce) Palladium ($/ounce)

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