OPEC MOMR August 2017
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Commodity Markets

8

OPEC Monthly Oil Market Report – August 2017

Table 2 - 1: Commodity price data

Average

energy prices

in July increased by 3.0% m-o-m, mainly due to a 3.2% increase in average crude

oil prices. Natural gas prices increased in the US by 0.8%, while average import prices in Europe decreased

by 3.7%. Australian benchmark thermal coal prices increased by 8.1% m-o-m.

Agricultural prices

increased by 0.8% in July, with average food prices increasing on average by 0.7%.

Soybeans and Hard Red Winter wheat increased by 7.4% and 6.8%, respectively. In the group of beverages,

Arabica coffee prices increased by 4.5%.

Average base metal prices

increased by 3.7% in July, with mixed movements across the group. Copper,

aluminium and nickel advanced by 4.6%, 0.9% and 6.3%, respectively. Average iron ore prices jumped by

17.8%.

In the group of

precious metals

, gold prices declined by 1.9% on average. However, they increased

towards the end of the month on expectations of a lower path of interest rates in the US.

% Change

May 17 Jun 17 Jul 17 Jul 17/Jun 17

2016

2017

Energy*

64.3

60.4

62.3

3.0

50.4

65.4

Coal, Australia

US$/mt

74.5

81.0

87.5

8.1

52.9

81.8

Crude oil, average US$/b

49.9

46.2

47.7

3.2

39.5

50.7

Natural gas, US

US$/mbtu

3.1

2.9

3.0

0.8

2.2

3.0

Non-energy*

82.8

82.0

83.6

2.0

79.0

84.0

Agriculture*

88.9

87.7

88.4

0.8

88.4

89.2

Food*

92.9

91.9

92.6

0.7

91.5

93.0

Soybean meal

US$/mt

350.0 336.0 352.0

4.8 383.0 360.4

Soybean oil

US$/mt

827.0 827.0 834.0

0.8 774.1 828.3

Soybeans

US$/mt

388.0 380.0 408.0

7.4 402.1 403.0

Grains*

84.4

87.6

86.5

-1.3

85.7

82.1

Maize

US$/mt

158.6 157.9 157.5

-0.3 165.0 158.9

Wheat, US, HRW US$/mt

180.4 189.6 202.5

6.8 179.4 171.6

Sugar, world

US$/kg

0.4

0.3

0.3

4.9

0.4

0.4

Base metal*

79.1

79.2

82.1

3.7

65.5

80.4

Aluminum

US$/mt

1,913.0 1,885.3 1,903.0

0.9 1,555.4 1,882.3

Copper

US$/mt

5,599.6 5,719.8 5,985.1

4.6 4,728.3 5,786.9

Iron ore, cfr spot

US$/dmtu

62.4

57.5

67.7

17.8

52.9

73.6

Lead

US$/mt

2,125.1 2,132.9 2,269.9

6.4 1,743.1 2,226.2

Nickel

US$/mt

9,155.1 8,931.8 9,491.4

6.3 8,893.4 9,715.3

Tin

US$/mt

20,200.3 19,658.8 20,223.5

2.9 16,406.9 20,000.9

Zinc

US$/mt

2,590.2 2,573.4 2,787.2

8.3 1,852.2 2,700.4

Precious metals*

96.8

97.9

95.6

-2.3

96.0

96.7

Gold

US$/toz

1,246.0 1,260.3 1,236.9

-1.9 1,237.0 1,238.3

Silver

US$/toz

16.7

16.9

16.2

-4.6

16.5

17.2

Note: * World Bank commodity price indices (2010 = 100).

Source: World Bank, Commodity price data.

Unit

Commodity

Monthly averages

Year-to-date