Commodity Market Monthly
Research Department, Commodities Team
May 14, 2015
[Link]/commodities
commodities@[Link]
IMF Commodity Price Indices
(2005 = 100)
215
Non-Energy
Total
Crude Oil Prices
($/barrel)
Energy
130
Dubai
Brent
WTI
Jan-13
Jan-14
Jan-15
120
195
110
175
100
155
90
80
135
70
115
60
95
75
Jan-12
50
Jan-13
Jan-14
Jan-15
40
Jan-12
IMF Commodity Price Indices
(2005 = 100)
280
IMF Commodity Price Indices
(2005 = 100)
Vegetable Oils & Meal
Cereals
Beverages
Meat
Seafood
260
240
220
215
Metals
Agriculture
Energy
195
175
200
155
180
135
160
115
140
95
120
100
Jan-12
Jan-13
Jan-14
Jan-15
75
Jan-12
Jan-13
Jan-14
Jan-15
April Commodity Prices Changes
(percent from previous month)
-25
-20
-15
-10
-5
10
15
Lead
Zinc
Crude Oil
Wool, Fine
Sunflower Oil
Cotton
Gasoline
Beef
Coffee, Arabica
Aluminum
Copper
Olive Oil
Wool, Coarse
Bananas
Soybeans Oil
Coffee, Robustas
Sugar
Poultry
Sawnwood Soft
Logs Soft
Shrimp
Logs Hard
Rapeseed Oil
Sawnwood Hard
Cocoa
Fish (Salmon)
Lamb
Soybeans
Swine
Corn
Uranium
Rubber
Rice
Barley
Fish Meal
Groundnuts
Palm Oil
Natural Gas, Japan
Wheat
Orange
Coal, Australia
Hides
Soybean Meal
Tea
Nickel
Natural Gas, US
Tin
Iron Ore
Natural gas, Germany
Table 1. Market Prices for Non-Fuel and Fuel Commodities
Units
2012
2013
2014
2014Q2
2014Q3
2014Q4
2015Q1
3-2015
4-2015
Food
Cereals
Wheat
$/MT
313.3
312.2
284.9
322.1
262.5
257.9
238.8
230.8
223.3
Maize
$/MT
298.4
259.0
192.9
213.9
173.9
173.5
174.2
174.2
172.1
Rice
$/MT
580.2
518.8
426.5
409.4
435.0
420.8
406.6
400.7
392.4
$/MT
238.2
206.4
146.1
166.9
132.8
122.0
132.2
133.8
131.0
Soybeans
$/MT
537.8
517.2
457.8
540.4
421.7
370.9
363.9
359.6
356.9
Soybean meal
$/MT
473.3
477.3
467.0
531.9
436.0
406.7
372.7
364.9
349.7
Soybean oil
Palm oil
$/MT
$/MT
1151.8
939.8
1011.1
764.2
812.7
739.4
899.7
794.7
757.1
695.9
716.1
653.3
696.4
627.9
683.4
607.7
691.7
591.8
Fish meal
$/MT
1624.3
1710.5
1921.5
1861.6
1973.6
2192.7
2031.9
1897.3
1854.6
Sunflower Oil
$/MT
1489.5
1341.1
1080.3
1121.5
1012.5
1054.2
974.0
957.3
1002.0
Olive oil
$/MT
3135.7
3816.7
3911.8
3663.5
4122.1
4262.5
4568.3
4531.8
4605.6
Groundnuts
Rapeseed oil
$/MT
$/MT
1688.2
1239.1
2314.5
1081.2
2148.3
904.4
2228.8
963.1
2046.8
849.6
1940.1
824.4
2016.8
755.1
2070.9
743.4
2017.3
742.3
Beef
cts/lb
187.9
183.6
224.1
195.5
252.9
256.0
216.6
207.8
214.4
Lamb
Swine Meat
cts/lb
cts/lb
100.9
82.8
106.7
86.5
130.6
102.8
135.4
115.4
132.8
112.8
130.2
90.3
122.5
65.5
115.9
61.7
115.2
61.0
Poultry
cts/lb
94.3
103.8
110.1
109.0
113.0
113.9
114.0
114.3
114.9
Barley
Vegetable oils and protein meals
Meat
Seafood
Fish
$/kg
4.8
6.8
6.6
6.9
5.9
5.8
5.6
5.1
5.1
Shrimp
Sugar
$/kg
10.1
14.0
16.6
17.8
17.0
14.3
15.7
15.7
15.7
Free market
cts/lb
21.4
17.7
17.1
18.2
17.7
15.8
14.1
12.8
12.9
United States
cts/lb
28.9
21.2
24.9
25.3
26.5
25.3
24.8
24.4
24.4
EU
Bananas
cts/lb
$/MT
26.4
984.3
26.0
926.4
27.4
931.9
28.0
929.2
27.8
939.3
26.3
911.9
25.2
974.8
24.9
1046.0
24.9
1059.1
Oranges
$/MT
868.0
967.3
782.5
838.8
774.1
739.8
698.5
633.3
612.1
Coffee
Other milds
cts/lb
187.6
141.1
202.8
213.7
208.4
213.5
177.0
160.0
165.0
Robusta
cts/lb
110.6
100.5
105.6
107.9
106.0
106.6
101.4
98.1
98.7
$/MT
2377.1
2439.1
3062.8
3085.0
3229.2
2985.6
2918.5
2878.0
2868.3
cts/kg
348.9
266.0
237.9
222.2
233.7
247.6
291.2
307.6
290.7
Beverages
Cocoa Beans
Tea
Agricultural raw materials
Timber
Hardwood
Logs 1/
$/M3
360.5
305.4
282.0
291.5
286.5
260.4
249.4
249.4
249.4
$/M3
876.3
852.8
897.9
917.3
910.0
862.6
826.2
816.6
814.2
Logs 1/
$/M3
148.0
164.5
174.3
169.7
167.4
181.5
176.1
179.5
179.5
Sawnwood 1/
$/M3
284.7
301.4
307.3
312.6
308.3
302.1
309.2
306.1
306.1
cts/lb
89.2
90.4
83.1
92.6
77.1
68.7
68.8
69.4
71.7
Fine
cts/kg
1345.3
1197.7
1074.4
1086.0
1068.1
1029.4
947.8
929.5
986.8
Coarse
cts/kg
1212.6
1128.1
1030.4
1058.7
1025.0
954.3
887.7
871.2
883.1
Rubber
cts/lb
153.2
126.8
88.8
96.1
83.4
73.5
78.6
Hides
cts/lb
83.2
94.7
110.2
109.8
110.8
112.7
105.8
1/ Provisional.
2/ Average Petroleum Spot Price (APSP). Average of U.K. Brent, Dubai, and West Texas Intermediate, equally weighted.
78.7
104.5
77.1
100.3
Sawnwood 1/
Softwood
Cotton
Wool
Table 1. Market Prices for Non-Fuel and Fuel Commodities (Continued)
Units
2012
2013
2014
2014Q2
2014Q3
2014Q4
2015Q1
3-2015
4-2015
Copper
$/MT
7958.9
7331.5
6863.4
6795.3
6995.8
6632.3
5833.2
5939.7
6042.1
Aluminum
Iron Ore
$/MT
$/MT
2022.8
128.5
1846.7
135.4
1867.4
96.8
1800.2
102.6
1989.7
90.3
1970.4
74.0
1802.1
62.3
1773.9
56.9
1819.2
51.2
Metals
Tin
$/MT
21109.4
22281.6
21898.9
23146.2
21915.2
19897.9
18370.0
17421.9
15900.9
Nickel
$/MT
17541.7
15030.0
16893.4
18467.8
18584.2
15860.5
14392.8
13755.5
12830.9
Zinc
Lead
$/MT
$/MT
1950.0
2063.6
1910.2
2139.7
2161.0
2095.5
2071.4
2097.1
2310.7
2182.4
2235.3
2000.9
2079.8
1810.4
2028.7
1792.5
2212.7
2005.4
Uranium
$/lb
48.9
38.6
33.5
29.8
31.2
37.8
37.9
39.4
38.7
Spot Crude 2/
$/bbl
105.0
104.1
96.2
106.3
100.4
74.5
51.7
52.8
57.4
U.K. Brent
Dubai
$/bbl
$/bbl
112.0
108.9
108.8
105.4
98.9
96.7
109.8
106.1
102.1
101.5
76.0
74.6
54.0
52.5
55.8
54.9
59.4
58.7
West Texas Intermediate
$/bbl
94.1
97.9
93.1
103.1
97.6
73.1
48.7
47.8
54.2
Russian in Germany
Indonesian in Japan (LNG)
$/mmbtu
$/mmbtu
12.0
18.1
11.2
17.3
10.5
17.0
10.7
17.6
10.1
16.5
10.3
16.1
9.4
14.5
9.3
13.4
7.4
13.0
US, domestic market
$/mmbtu
2.8
3.7
4.4
4.6
3.9
3.8
2.9
2.8
2.6
Australian, export markets
$/MT
103.2
90.6
75.1
77.9
72.7
67.4
65.6
1/ Provisional.
2/ Average Petroleum Spot Price (APSP). Average of U.K. Brent, Dubai, and West Texas Intermediate, equally weighted.
64.4
61.9
Energy
Natural Gas
Coal
Table 2. Indices of Market Prices for Non-Fuel and Fuel Commodities, 2012-2015
(2005=100, in terms of U.S. dollars) 1/
(weights) 1/ 2012
2013
2014 2014Q2 2014Q3 2014Q42015Q1 Mar-15 Apr-15
100.0
186.3
183.3
171.8
184.7
174.9
145.6
117.6
117.2
120.0
36.9
26.2
16.7
171.0
162.8
175.6
169.0
163.3
177.6
162.3
161.5
170.2
168.3
169.6
181.1
160.9
158.7
165.8
152.7
152.2
157.5
142.4
144.4
148.3
139.1
141.0
143.9
138.1
139.8
142.8
3.6
4.4
3.7
236.4
215.9
133.3
218.3
206.4
136.8
180.3
190.7
160.5
198.3
211.6
156.7
167.5
179.5
175.4
164.3
168.5
166.4
158.6
161.9
142.1
155.9
158.9
137.2
152.3
156.3
139.3
3.2
1.8
113.3
167.4
160.1
147.4
162.0
178.0
171.2
181.0
150.0
183.3
141.0
180.0
139.8
170.4
131.7
165.1
131.2
165.2
Agricultural raw materials 3/
Timber
Metals
7.7
3.4
10.7
134.0
107.4
191.0
136.2
107.3
182.9
138.8
109.3
164.1
141.9
111.1
165.3
137.7
109.8
166.1
134.2
106.4
154.0
129.9
105.3
137.4
128.9
104.6
134.6
127.2
104.6
133.8
Edibles 4/
Industrial Inputs 5/
18.5
18.4
174.8
167.1
174.6
163.3
171.0
153.5
181.1
155.5
167.5
154.2
159.7
145.7
150.5
134.3
146.0
132.2
145.0
131.0
63.1
195.2
191.7
177.4
194.2
183.2
141.4
103.1
104.3
109.5
Petroleum 7/
53.6
197.9 195.9 181.1 200.0 188.9 140.2
97.4
Natural Gas
6.9
171.2 164.9 159.9 164.5 153.4 153.6 137.3
Coal
2.6
202.1 176.8 149.1 154.5 144.4 134.2 129.7
1/ Weights based on 2002-2004 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.
99.6
132.1
127.3
108.1
115.2
122.8
All Primary Commodities 2/
Non-Fuel Commodities
Agriculture
Food
Cereals
Vegetable oils and protein meals
Meat
Seafood
Beverages
Energy 6/
Commodity Prices in U.S. Dollars, 2005 -2014
Coal ($/ton)
Crude oil ($/bbl)
200
150
125
150
Australia
100
100
75
South Africa
50
0
Jan-05
50
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
25
Jan-05
Jan-07
Natural Gas ($/mmbtu)
Jan-09
Jan-11
Jan-13
Jan-15
Aluminium ($/ton)
20
3500
3000
Japan
15
2500
10
Germany
2000
0
Jan-05
1500
United States
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
1000
Jan-05
Jan-07
Copper ($/ton)
Jan-09
Jan-11
Jan-13
Jan-15
Jan-13
Jan-15
Jan-13
Jan-15
Iron Ore ($/ton)
10000
200
9000
175
150
8000
125
7000
100
6000
75
5000
50
4000
3000
Jan-05
25
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
0
Jan-05
Jan-07
Nickel ($/ton)
Jan-09
Jan-11
Zinc ($/ton)
60000
4500
50000
4000
3500
40000
3000
30000
2500
20000
2000
10000
0
Jan-05
1500
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
1000
Jan-05
Jan-07
Jan-09
Jan-11
Commodity Prices in U.S. Dollars, 2005 -2014 (continued)
Beef (cents/pound)
Bananas ($/ton)
1200
275
1100
250
1000
225
900
800
200
700
175
600
150
500
125
400
300
Jan-05
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
100
Jan-05
Jan-07
Cocoa ($/ton)
Jan-09
Jan-11
Jan-13
Jan-15
Coffee (cents/lb)
4000
350
3500
300
Arabica
250
3000
200
2500
150
2000
100
1500
1000
Jan-05
Robusta
50
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
0
Jan-05
Jan-07
Cotton (cents/pound)
Jan-09
Jan-11
Jan-13
Jan-15
Logs ($/cubic meter)
250
500
200
400
Hard
150
300
100
0
Jan-05
Soft
200
50
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
100
Jan-05
Jan-07
Maize ($/ton)
Jan-09
Jan-11
Jan-13
Jan-15
Jan-13
Jan-15
Palm Oil ($/ton)
350
1300
300
1100
250
900
200
700
150
500
100
50
Jan-05
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
300
Jan-05
Jan-07
Jan-09
Jan-11
Commodity Prices in U.S. Dollars, 2005 -2014 (continued)
Rice ($/ton)
Rubber ($/lb)
1200
300
250
1000
200
800
150
600
100
400
200
Jan-05
50
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
0
Jan-05
Shrimp ($/kg)
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
Soybeans ($/ton)
20
1500
18
1250
16
Soybean Oil
1000
14
750
Soybeans
12
500
10
250
8
6
Jan-05
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
0
Jan-05
Soybean meal
Jan-07
30
400
25
350
20
300
15
250
10
200
Jan-07
Jan-09
Jan-11
Jan-11
Jan-13
Jan-15
Jan-13
Jan-15
Tea (cents/kg)
Sugar (cents/pound)
5
Jan-05
Jan-09
Jan-13
Jan-15
150
Jan-05
Wheat ($/ton)
Jan-07
Jan-09
Jan-11
Wool (cents/kg)
2000
500
Fine
1750
400
1500
1250
300
1000
Coarse
750
200
500
100
Jan-05
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15
250
Jan-05
Jan-07
Jan-09
Jan-11
Jan-13
Jan-15