The dollar price of non-energy commodities rose by 2.9 percent in January—the first increase in six months—on various weather-related supply constraints, improving macro sentiment, and in part due to dollar depreciation (down 0.6 percent against a broad group of major trading partners). The largest increases were for metals on expectations of higher demand, while several agriculture prices rose due to drought conditions, notably in South America. Crude oil prices moved higher on rising geopolitical tensions.
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