8 June 2010

2010- n° 151
The commodities prices declined in May Prices 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).

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Oil price declined
Prices of industrial raw materials were also down
Raw food materials prices fell

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.

tableautabpetrole – Oil and petroleum products

in dollar

Oil and petroleum products (in dollar)
	Prices	Change (%)
	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
Gasoline	722,8	–8,8	5,4	22,5
Gas Oil	653,0	–8,5	6,1	38,3
Heavy fuel	420,0	–5,6	–1,6	33,8
Naphta	682,5	–6,7	0,7	46,6

Prices are in dollars per tonne unless otherwise specified
Source: INSEE

tableautabmatprem – Imported raw materials (excluding energy) in domestic currency

base 100 in 2000

Imported raw materials (excluding energy) in domestic currency (base 100 in 2000)
	Index	Changes (%)
		over last month	over the last 3 months	over the last 12 months
Food total	212,9	–0,8	–1,9	4,6
Tropical beverages	230,4	–0,8	–1,1	16,0
Oil seeds, vegetable oils	221,6	–0,6	–1,3	–3,3
Cereals	203,7	–0,5	–10,5	–11,3
Sugar	179,3	–9,4	–45,1	–5,6
Beef meat	150,9	0,2	16,4	15,6
Industrial raw materials	229,9	–8,9	5,8	52,8
Agricultural raw materials	151,9	–5,6	1,3	58,9
Natural Fibers	177,2	0,4	8,7	40,9
Natural rubber	378,0	–12,0	–9,0	63,5
Hides	115,2	0,1	18,1	142,4
Wood pulp	139,3	3,0	12,9	60,6
Tropical wood	138,8	1,8	6,8	–3,4
Sawn softwood	105,9	–11,5	–5,1	68,4
Minerals	270,0	–10,1	7,6	50,6
Iron ore	612,7	0,0	74,7	74,7
Non-ferrous metals	235,2	–12,2	0,6	48,6
Precious metals	310,9	0,9	10,6	36,9
All commodities	218,2	–6,3	3,1	32,4