Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks
Commodity prices continued to recover in the first quarter of 2021 from lows reached in 2020, supported by the global economic recovery, improved growth prospects, and supply factors specific to crude oil, copper, and some food commodities. Looking ahead, oil prices are forecast to average $56/bbl i...
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/en/782901618928712786/Commodity-Markets-Outlook http://hdl.handle.net/10986/35458 |
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okr-10986-354582021-06-14T09:52:39Z Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks World Bank Group PRICE SHOCK COMMODITY PRICES ENERGY AGRICULTURE FERTILIZER METALS AND MINERALS PRECIOUS METALS PRICE FORECASTS PRICE SERIES ECONOMIC OUTLOOK OIL PRICES FOOD PRICES PANDEMIC IMPACT CORONAVIRUS COVID-19 Commodity prices continued to recover in the first quarter of 2021 from lows reached in 2020, supported by the global economic recovery, improved growth prospects, and supply factors specific to crude oil, copper, and some food commodities. Looking ahead, oil prices are forecast to average $56/bbl in 2021, 36 percent higher than in 2020, and see a further rise to $60/bbl in 2022 as demand continues to recover. Metal prices are expected to average 30 percent higher in 2021 than in 2020 on the back of strong demand before dropping back somewhat in 2022. Agriculture prices are forecast to average nearly 14 percent higher in 2021, driven by a few food commodities, and are expected to stabilize thereafter. A Special Focus section examines the impact of metal price shocks on metal-exporting countries. Since global metal prices are predominantly driven by global demand shocks, metal price swings can amplify the impact of global downturns and recessions—or conversely, upturns—for metal exporters. Metal price jumps are associated with small, temporary gains from price increases for metal exporters, but metal price collapses tend to lead to larger, and longerlasting, output losses. 2021-04-20T16:58:00Z 2021-04-20T16:58:00Z 2021-04-20 Serial http://documents.worldbank.org/curated/en/782901618928712786/Commodity-Markets-Outlook http://hdl.handle.net/10986/35458 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English |
| topic |
PRICE SHOCK COMMODITY PRICES ENERGY AGRICULTURE FERTILIZER METALS AND MINERALS PRECIOUS METALS PRICE FORECASTS PRICE SERIES ECONOMIC OUTLOOK OIL PRICES FOOD PRICES PANDEMIC IMPACT CORONAVIRUS COVID-19 |
| spellingShingle |
PRICE SHOCK COMMODITY PRICES ENERGY AGRICULTURE FERTILIZER METALS AND MINERALS PRECIOUS METALS PRICE FORECASTS PRICE SERIES ECONOMIC OUTLOOK OIL PRICES FOOD PRICES PANDEMIC IMPACT CORONAVIRUS COVID-19 World Bank Group Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| description |
Commodity prices continued to recover in the first quarter of 2021 from lows reached in 2020, supported by the global economic recovery, improved growth prospects, and supply factors specific to crude oil, copper, and some food commodities. Looking ahead, oil prices are forecast to average $56/bbl in 2021, 36 percent higher than in 2020, and see a further rise to $60/bbl in 2022 as demand continues to recover. Metal prices are expected to average 30 percent higher in 2021 than in 2020 on the back of strong demand before dropping back somewhat in 2022. Agriculture prices are forecast to average nearly 14 percent higher in 2021, driven by a few food commodities, and are expected to stabilize thereafter. A Special Focus section examines the impact of metal price shocks on metal-exporting countries. Since global metal prices are predominantly driven by global demand shocks, metal price swings can amplify the impact of global downturns and recessions—or conversely, upturns—for metal exporters. Metal price jumps are associated with small, temporary gains from price increases for metal exporters, but metal price collapses tend to lead to larger, and longerlasting, output losses. |
| format |
Serial |
| author |
World Bank Group |
| author_facet |
World Bank Group |
| author_sort |
World Bank Group |
| title |
Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| title_short |
Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| title_full |
Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| title_fullStr |
Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| title_full_unstemmed |
Commodity Markets Outlook, April 2021 : Causes and Consequences of Metal Price Shocks |
| title_sort |
commodity markets outlook, april 2021 : causes and consequences of metal price shocks |
| publisher |
World Bank, Washington, DC |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/en/782901618928712786/Commodity-Markets-Outlook http://hdl.handle.net/10986/35458 |
| _version_ |
1764483077688524800 |