20 December 2016

2016- n° 331
In November 2016, metal price surged Prices of oil and raw material imports - November 2016

In November 2016, the price in euros of crude oil slipped back (−4.6% after +9.6%) to stand at €43.1 on average per barrel. Nevertheless. the price of Brent remained higher than a year before (+4.0%). The prices in euros of the other imported commodities accelerated sharply (+6.4% after +1.8% in October) driven by the strong hikein industrial raw materials (+10.0% after +3%). The prices of raw food materials recovered slightly (+0.5% after −0.1%).

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Oil price slipped back
Industrial commodity prices surged
Raw food material prices recovered slightly

Oil price slipped back

In November, the price in euros of crude oil from the North Sea (Brent) fell back (−4.6% after +9.6%). Expressed in dollars, the decline in oil price is higher (−6.6% after +7.7%) because the euro depreciated a little during the month.

graphiqueGraph1 – Oil (Brent)

tableauTable1 – Oil and petroleum products

in euros

Oil and petroleum products (in euros) -
	Prices	Change (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Brent in $ per barrel	46.4	–6.6	0.7	4.5
Brent in € per barrel	43.1	–4.6	4.6	4.0
Gasoline €/L	0.359	–1.8	10.3	15.8
Gas Oil	396.2	–5.7	8.9	–2.5
Heavy fuel	264.4	–0.1	7.5	20.4
Naphtha	386.0	–3.2	19.7	–1.7

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

Industrial commodity prices surged

The prices in euros of industrial raw materials sped up strongly in November (+10.0% after +3.0%). Minerals prices gathered pace considerably (+12.2% after +3.0%). The price of iron ore took off (+27.3% after +4.2%), so did the price of copper (+21.5% after +1.7%), driven by the announcements of major construction works by the next American president. Therefore the prices of non-ferrous metals grew sharply (+9.6% after +3.4%). In addition, the prices of precious metals bounced back (+1.3% after −4.7%). The prices of agricultural raw materials remained dynamic (+1.9% after +3.0%), due especially to a further rise in natural rubber (+10.4% after +9.1%). Only the prices of sawn softwood decreased (−1.8% after +3.4%).

Raw food material prices recovered slightly

Expressed in euros, the prices of raw food materials recovered slightly (+0.5%), after four months of decline (−1.7% on average). Cereal prices climbed again a little (+0.5% after +1.8%). The price of beef meat edged up (+2.1% after −1.0%). The price of oil seeds and vegetable oils bounced back too (+3.3% after −2.6%), after 4 months of decline. The prices of tropical foodstuffs shrank though (−2.0% after +0.7%): the prices of Robusta, Arabica and tea kept rising but did not offset a further fall in cacao price (−7.3% in November) due to surplus supply. The price of sugar slipped back (−6.9% after +9.2%) after 6 months of rise.

tableauTable2 – Imported raw materials (excluding energy) in euros

base 100 in 2000

Imported raw materials (excluding energy) in euros (base 100 in 2000) -
	Index	Changes (%)
	of last month	over the last month	over the last 3 months	over the last 12 months
Food total	211.1	0.5	–0.6	–1.4
Tropical foodstuffs	207.6	–2.0	–1.6	–9.0
Oil seeds, vegetable oils	236.3	3.3	0.6	3.8
Cereals	146.8	0.5	–1.6	–2.8
Sugar	216.8	–6.9	8.4	39.4
Beef meat	135.6	2.1	–5.3	–11.8
Industrial raw materials	173.9	10.0	11.9	23.2
Agricultural raw materials	119.8	1.9	3.7	8.3
Natural Fibres	139.9	2.5	2.5	13.0
Natural rubber	167.6	10.4	23.2	39.3
Hides	82.3	4.8	9.1	11.5
Wood pulp	101.8	2.2	3.6	–2.1
Tropical wood	96.1	2.9	–1.4	–18.7
Sawn softwood	102.4	–1.8	–2.4	17.2
Minerals	202.2	12.2	14.1	27.9
Iron ore	496.3	27.3	24.2	55.7
Non-ferrous metals	162.5	9.6	13.4	21.9
Precious metals	249.1	1.3	–4.3	15.0
All commodities	182.0	6.4	7.0	12.5