On May 14, 2024, in Commodity Markets: Big Swings: Winners and Losers
On May 14, 2024, commodity markets experienced major changes. Some commodities, such as Wheat and Natural Gas, rose, while others, such as Cocoa and Cheese, fell. Read our article for details.
On May 14, 2024, commodity markets experienced significant fluctuations. From agricultural products to energy resources, many commodities saw major changes in their prices. In this article, we will provide a detailed review of the commodities that gained and lost the most value in 2024.
Some of the biggest notable losses in commodity markets in 2024 were:
Cocoa (-11.29%): Cocoa disappointed investors in 2024, losing 11.29% of its value. This decline can be attributed to overproduction and low demand.
Cheese (-8.88%): The dairy market experienced a similar decline. Cheese prices fell by 8.88%, giving producers a hard time.
Rice (-3.36%): Rice, a staple food, ranked third on the list, losing 3.36%. This decline was driven by rising production costs and fluctuations in consumer demand.
Commodities with the Most Value Gains
In contrast, some commodities appreciated significantly:
Wheat (3.50%): Among agricultural commodities, Wheat led the gainers with an increase of 3.50%. This increase was driven by drought and supply constraints.
Oats (3.49%): Similarly, Oats prices were also up by 3.49%. Continued healthy eating trends played a role in this increase.
Metal and Energy Markets
Notable changes were also observed in the metals and energy markets:
Copper (2.46%): Copper stood out among industrial metals with a gain of 2.46%. Electric vehicles and renewable energy projects boosted copper demand.
Platinum (0.54%): Platinum prices rose by 0.54%. Increased demand in the automotive sector supported this rise in value.
Changes in Energy Sources
Energy markets also witnessed significant volatility in 2024:
Natural Gas (5.20%): Natural gas was the top gaining commodity in the energy markets with a gain of 5.20%. The harsh winter months and increased energy demand were instrumental in this increase.
Crude Oil WTI (1.13%): West Texas crude oil (WTI) gained 1.13%. Global economic recovery and production cuts pushed oil prices up.
Ethanol (0.96%): Ethanol, one of the renewable energy sources, attracted attention by gaining 0.96%. The rise in biofuel demand supported this increase.
The Most Depreciated Energy Sources
Some energy sources lost value:
Natural Gas UK GBP (-1.09%): Natural gas prices in the UK fell by 1.09%. This decline was driven by oversupply and reduced demand.
Natural Gas EU Netherlands TTF (-0.64%): Similarly, natural gas prices in the Dutch TTF fell by 0.64%.
Brent Crude Oil (-0.8%): Brent crude oil prices were slightly changed by 0.8%. Uncertainties in global oil markets and production strategies affected this situation.
