In a year in which raw materials traded irregularly, the balance of 2024 translates into an average increase of 0.6%. The index of Bloomberg which replicates the evolution of the main listed raw materials (oil and gold have a higher weighting than other commodities such as grains or cereals) closes the year at practically the same level at which it started.
The Brent barrel closes the year at 74.5 dollars, implying a drop of 1.7%. However, it surpassed 91 dollars and fell to 69 per barrel when market expectations included a later recovery of the Chinese economy and, therefore, lower demand for fuel on a global scale. In fact, the market consensus that reflects Bloomberg considers that Brent Therefore, higher demand is not expected in the future. On the other hand, the price of gas is recovering after the lows of 2023. The Dutch TTF, a reference for the eurozone, rose 38% in 2024 to 47.1 euros per MWh.
On average, agricultural raw materials have fallen by almost 9% in the last twelve months, particularly due to the evolution of soybeans, which have lost more than 20% this year, or cotton and wheat with cuts of more than 10%. On the other hand the coffee appreciates by 70% while cocoa almost tripled its price in 2024 thanks to the poor harvest in countries like Brazil, the world’s main exporter of this crop.
Industrial metals close the year with uneven performance. The abundance of elements in the market such as steel or iron precipitated prices by more than 20% while copper or aluminum have barely risen an average of 5% since January 1st.
Precious metals did have a good year thanks to their status as a safe haven in the face of market volatility. At this point, the Gold rises 27% to touch $2,620
#Year #Review #Raw #materials #leave #increase
