Almost across the board, global commodity prices reached fresh highs in past weeks. Yet there have been a few instances of modest consolidation in recent days. Benchmarks crude and copper have continued to push higher, but agricultural products have mostly settled slightly lower (Charts 1 and 2).
Iron ore, which had outperformed strongly, has also come off somewhat. The benchmark 62% contract briefly breached $220/tonne. 65% fines pushed through $250. In both instances, prices have since declined by only about $10/tonne.
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