Commodities Prices

In December, the prices of commodities tracked by our panelists fell mildly, but a dual-speed dynamic was clear across subgroups. On the one hand, energy prices—the largest share of our basket—fell for the seventh time in nine months, dragged by oil prices, which dropped once again due to OPEC+ output quotas hikes. Additionally, agricultural prices held stable at November’s level. On the other hand, metal prices extended their gains in December. In the base metals complex, copper prices reached record highs, boosted by Fed interest rate cuts and concerns over additional U.S. tariffs. In the precious metals group, prices rose across the board, boosted by Fed monetary easing, thin market liquidity and increasing geopolitical tensions between the U.S. and Venezuela bolstering safe-haven demand.

Commodities prices decreased 0.5% month on month in December, following November’s 1.5% rise.