The global commodity markets have witnessed significant price surges in cocoa and coffee during the first eleven months of 2024, with both reaching record-high levels. While precious metals and natural gas prices have also increased, commodities like wheat, corn, and soybeans have experienced notable declines, alongside falling oil prices.
According to XTB analyst Jiří Tyleček, commodity prices received a boost from Chinese economic stimulus in September. However, a stronger dollar and deteriorating economic outlooks after November’s U.S. presidential elections dampened the market. Notably, cocoa remains the top performer, while coffee has climbed to historic highs.
The numbers are striking: cocoa prices have surged by 111% this year, while coffee prices have increased 75% since January. These dramatic price increases are primarily attributed to adverse weather conditions, with coffee prices particularly affected by fears of potential U.S. tariffs.
The precious metals sector has also shown remarkable growth, with gold prices rising by 28% from January through November. This uptick is driven by increased central bank demand, investors seeking safe havens, and anticipated interest rate reductions. Silver has followed gold’s trajectory, gaining over 25%, though platinum has declined by 6.8%.
In the energy sector, natural gas prices have shown significant regional variations, with European prices surging by 47% and U.S. prices increasing by 31%, largely due to uncertainties surrounding Russian supply. Meanwhile, oil markets present a more positive picture, with Brent crude down 5% and WTI crude falling 4% this year.