Global Economic Prospects : Commodity Markets Outlook, January 2014
With the exception of energy, all the key commodity price indices declined significantly in 2013. Fertilizer prices led the decline, down 17.4 percent from 2012, followed by precious metals (down almost 17 percent), agriculture (-7.2 percent), and...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10986/18996 |
| Summary: | With the exception of energy, all the
key commodity price indices declined significantly in 2013.
Fertilizer prices led the decline, down 17.4 percent from
2012, followed by precious metals (down almost 17 percent),
agriculture (-7.2 percent), and metals (-5.5 percent). Crude
oil prices (World Bank average), which have been remarkably
stable during the past three years, averaged $104/barrel
(bbl) during 2013, marginally lower than the $105/bbl
average of 2012. Most non-energy commodity prices, notably
grains, followed a downward path during 2013. Other risks
for agricultural markets are mostly on the downside as well.
For example, the risk of trade policies impacting
agricultural prices is low as evidenced by the absence of
any export restrictions during 2011-13, despite several
spikes in prices (notably maize and wheat). Finally,
production of biofuels experienced a third year of little
(or no) growth, as policy makers increasingly realize that
the environmental and energy independence benefits from
biofuels may not outweigh the costs. |
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