Commodity prices resumed their decline in the third week of June, as a stronger dollar, China’s moves to ease inflation and hawkish Federal Reserve forecasts lead investors to unwind bullish positions and sell futures contracts. Copper, considered an economic barometer, plunged more than 9% this week, the most since March 2020. Other base metals such as Nickel also tumbled almost 6%. Gold was down 6% this week, the most in more than a year, while other precious metals such as palladium declined 11% only on Thursday. Regarding grains, soybeans notched a weekly drop of more than 7%, the biggest in near six years and wiping out all of their 2021 gains, while corn and wheat were down 4% and 3%, respectively. Elsewhere, lumber slipped about 15%, its sixth consecutive week of losses after reaching an all-time high of almost $1,700 on May 7th.
Historically, CRB Commodity Index reached an all time high of 470.17 in July of 2008. CRB Commodity Index - data, forecasts, historical chart - was last updated on June of 2021.
CRB Commodity Index is expected to trade at 214.16 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 200.88 in 12 months time.