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World Bank : Online Morning Seminar #104 “Commodity Markets Outlook, April 2021”
04/24/2021 | 12:24am EDT
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The World Bank s Commodity Markets Outlook is published twice a year, in April and October. The report provides detailed market analysis for major commodity groups, including energy, agriculture, fertilizers, metals, and precious metals. Price forecasts to 2030 for 46 commodities are presented, together with historical price data. The report also contains production, consumption, and trade statistics for major commodities. The latest Commodity Markets Outlook was published on April 20, 2021. At this seminar, John Baffes, Senior Agricultural Economist, Prospects Group, presented the main points of the report. Date/Time:
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Energy prices are expected to average more than one-third higher this year than in 2020, with oil averaging $56 a barrel. Metal prices are expected to climb 30 per cent, and agricultural prices are forecast to rise almost 14 per cent. Almost all commodity prices are now above pre-pandemic levels, driven by the upsurge in economic activity, as well as some specific supply factors, particularly for oil, copper, and some food commodities. “Global growth has been stronger than expected so far and vaccination campaigns are underway, and these trends have buoyed commodity prices. However, the durability of the recovery is highly uncertain,” said Ayhan Kose, World Bank Group Acting Vice President for Equitable Growth, Finance & Institutions and Director of the Prospects Group. “Emerging market and developing economies, both commodity exporters and importers, should strengthen their short-term resilience and prepare for the possibility of growth losing momentum.”
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