Tuesday, July 01, 2008
Prices for 24 commodities and five commodity indexes over the last two and a half years are shown in the table below (all prices are as of last Friday). Gains through six months of 2008 have, generally, already exceeded the gains from all of last year.
Given what has happened over the last nine months, it's hard to imagine that energy prices actually fell in 2006, but they did. Of course, that had much to do with the late-2005 run-up following the Gulf Coast hurricanes. Natural gas prices, it seems, are making up for lost time this year.
As groups, both precious metals and agricultural commodities have been remarkably consistent over the last three years and, as might be expected due to a slowdown in global economic growth, base metal price increases have moderated since the big gains of 2006.