Most commodities performed well during the past three months, with exceptions in gas and agri. Natural Gas (HH) has underperformed due to warmer weather, causing a decrease in demand. Also TTF-prices have declined in the past three months. However, the expected reduction of Groningen gas production could lead to support for TTF prices. On oil we believe the uptrend will remain intact: global demand will remain solid. The worst performing agricultural commodity-prices are under the influence of bumper crops in India (sugar) and Cote D’Ivoire (cocoa).
The prices for steel raw materials are likely to depreciate on sufficient supply and slowing demand, even though iron ore import from China has increased, causing the rise of iron ore prices.Monthly-Commodity-Update-February-2018.pdf (895 KB)