The CRB Commodity Index rose above 300, standing at a three-month high amid a weaker dollar, hopes for the end of monetary tightening, and gains in agriculture. Agricultural commodities, which account for more than 40% of the index, resumed the upward trend after prices for cocoa, corn, soybeans, and sugar increased on shortage fears. Also, the cost of wheat surged following Russia's suspension of a shipping deal with one of the world's biggest producers. Meanwhile, in the energy sector, WTI crude returned above $75 per barrel thanks to China's pledge to roll out more policies, and natural gas soared above $2.7/MMBtu on expectations of stronger conditioning demand. Among precious metals, silver reached a two-month high of $25, and gold touched $1970. On the other hand, copper, considered a barometer for the world's economy, eased to $3.8 per pound.
Historically, CRB Commodity Index reached an all time high of 470.17 in July of 2008. CRB Commodity Index - data, forecasts, historical chart - was last updated on July of 2023.
CRB Commodity Index is expected to trade at 312.76 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 326.18 in 12 months time.