The commodities prices declined in MayPrices of oil and raw material imports - May 2010
In May, the price of oil declined (-10.7% after +7.6% in April) and fixed to $ 75.7. Prices for non-energy commodities imported by France also decreased (-6.3% in foreign currencies, after +3.5% in April).
Warning : since April 2010, the price of iron ore is determined by supply contracts quarterly. For the second quarter, prices increased by 74.8%. The series and the associated indexes of April have been revised.
In May, the price of oil declined (-10.7% after +7.6% in April) and fixed to $ 75.7.
Prices for non-energy commodities imported by France also decreased (-6.3% in foreign currencies, after +3.5% in April).
Oil price declined
In May, the price of oil from the North Sea (Brent) decreased (-10.7% after +7.6% in April). In euros, the decline was less significant (-4.5 %) due to the sharp depreciation of euro vis-à-vis the dollar (-6.5 %).
Prices of industrial raw materials were also down
In May, prices of industrial raw materials in foreign currencies were down (-8.9%), driven by lower prices of mineral materials (-10.1%). The non-ferrous metal prices fell (-12.2%), including nickel (-15,5%), lead (-16.9%) and zinc (-16.9%). The housing market downturn in China has indeed reduced the demand of construction materials. In contrast, the price of precious metals rose slightly (+0.9%) due to higher gold price (+4.9%); platinum price (-5.3%) and palladium price (-7.5 %) declined sharply.
The prices of agricultural raw materials went into retreat (-5.6 %). The falling prices of sawn softwood (-11.5%) and natural rubber (-12.2%) were somewhat compensated by higher wood pulp (+3.0%), due to a strong Chinese demand.
Raw food materials prices fell
In May, prices of raw food in foreign currencies were down (-0.8% after +0.3% in April). The prices of tropical beverages fell (-1.6%). Oilseeds and vegetable oils prices have also declined (-0.6%), including those of soyabeans (-2.1%) and olive oil (-4.5%). Similarly, the prices of cereals have declined (-0.5%), including that of rice (-3.1%). Finally, the price of sugar continued to fall (-9.4 % after -16.3 in April) due to the continued growth in supply from Brazil and India.
tableau tabpetrole – Oil and petroleum products
|of last month||over the last month||over the last 3 months||over the last 12 months|
|Brent in $ per barrel||75,7||–10,7||2,9||32,0|
|Brent in € per barrel||60,4||–4,5||12,2||43,8|
- Prices are in dollars per tonne unless otherwise specified
- Source: INSEE
tableau tabmatprem – Imported raw materials (excluding energy) in domestic currency
|over last month||over the last 3 months||over the last 12 months|
|Oil seeds, vegetable oils||221,6||–0,6||–1,3||–3,3|
|Industrial raw materials||229,9||–8,9||5,8||52,8|
|Agricultural raw materials||151,9||–5,6||1,3||58,9|
- Source: INSEE