Commodity Market Sees Coal Decline; Cheese and Palm Oil Lead Gains

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Commodity Market Sees Coal Decline; Cheese and Palm Oil Lead Gains

Team FS

02/Nov/2024

Key Points:

Coal prices dropped 2.45 USD/MT or 1.67% since the beginning of 2024, following a peak of 457.80 in September 2022.
Top commodity gainers include cheese (+4.55%) and palm oil (+3.92%), while significant losses were seen in sugar (-3.21%) and coffee (-1.38%).
In metals, iron ore CNY fell 1.15%, and in energy, natural gas UK GBP decreased by 3.95%, contrasting with gains in Brent and WTI crude oil.

The commodity market has witnessed fluctuations as coal prices have decreased by 2.45 USD/MT, equivalent to a 1.67% drop since the start of 2024. This downturn follows a significant all-time high of 457.80 reached in September 2022, illustrating the volatility of coal in response to market dynamics.

In contrast, some commodities have demonstrated resilience, with cheese leading the top gainers by rising 4.55%. Palm oil has also shown strong performance, climbing 3.92%, while lumber added 1.90% to its value. On the downside, however, the market has experienced considerable losses in sugar, which fell by 3.21%, coffee decreasing by 1.38%, and rapeseed down 1.16%. These movements highlight the contrasting fortunes within the commodity sector, with some products gaining traction while others struggle.

Shifting focus to metal commodities, iron ore CNY has experienced a slight decline of 1.15%. Silver and gold have also shown minor decreases of 0.71% and 0.39%, respectively. However, steel rebar emerged as a rare gainer in the metals sector, rising by 1.14%, indicating specific demand trends.

In the energy commodities segment, natural gas UK GBP has faced a significant downturn, falling 3.95%. Other energy commodities such as natural gas and gasoline also reported declines of 2.14% and 1.86%, respectively. Despite these losses, natural gas EU Dutch TTF saw a small increase of 0.91%, while ethanol rose by 0.80%. Additionally, both Brent Crude Oil and Crude Oil WTI registered minimal gains of 0.10%, showing that while some sectors are struggling, others are managing to maintain stability amidst ongoing market challenges.

Overall, the commodity market reflects a complex landscape with varying trends across different sectors. While coal faces challenges, certain commodities like cheese and palm oil continue to thrive, showcasing the diverse nature of market performance in 2024.

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Commodity Market Sees Coal Decline; Cheese and Palm Oil Lead Gains

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