Commodity prices tumbled further in March—Pink Sheet

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Energy prices continued plunging in March, down 35% from February, led by a 40% decline in crude oil, the World Bank’s Pink Sheet reported.

Non-energy prices dropped nearly 4%, with declines in all sub-indexes but fertilizers.

Agricultural prices declined 3%, with roughly similar drops in all categories: food (-2.7%), beverages (-3.9%), and raw materials (-3.8%).

Fertilizer prices increased 3.2% in response to an 8% gain in urea.

Metals prices tumbled nearly 6%, following declines in most components: zinc (-9.9%), copper (-8.9%), lead (-7.4%), tin (-7.2%), nickel (-6.8%), and aluminum (-4.6%).

Precious metals prices declined 3%, led by a 17% decline in silver.

 

The Pink Sheet is a monthly report that monitors commodity price movements.

 

Authors

John Baffes

Senior Agriculture Economist, Development Economics Prospects Group

Join the Conversation

Michael Yao Ocloo
April 13, 2020

Could it be as a result of the COVID-19. As economies will see a reduction in revenues, the expenditures of these economies are likely to rise due to the fight of the pandemic. Economies must now spend more on healthcare and increase social interventions. Policy makers will not have to recalibrate their budgets to accommodate these developments

El Mamoun Amrouk
April 13, 2020

Big question: how long the shock will last?