![PPI commodities](https://upload.wikimedia.org/wikipedia/commons/d/d5/PPI_commodities.webp)
The 2020s commodities boom refers to the rise of many
commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
The price of a comm ...
prices in the early 2020s following the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
. The
COVID-19 recession
The COVID-19 recession, also referred to as the Great Lockdown, is a global recession, global economic recession caused by the COVID-19 pandemic. The recession began in most countries in February 2020.
After a year of global economic slowdown ...
initially made commodity prices drop, but
lockdowns
A lockdown is a restriction policy for people, community or a country to stay where they are, usually due to specific risks (such as COVID-19) that could possibly harm the people if they move and interact freely.
The term is used for a prison ...
,
supply chain
In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, acti ...
bottlenecks, and
dovish
Pacifism is the opposition or resistance to war, militarism (including conscription and mandatory military service) or violence. Pacifists generally reject theories of Just War. The word ''pacifism'' was coined by the French peace campaign ...
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
limited
supply
Supply may refer to:
*The amount of a resource that is available
**Supply (economics), the amount of a product which is available to customers
**Materiel, the goods and equipment for a military unit to fulfill its mission
*Supply, as in confidenc ...
and created excess
demand
In economics, demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given time. The relationship between price and quantity demand is also called the demand curve. Demand for a specific item ...
causing a commodity super cycle rise.
The
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
worsened the bottlenecks, creating the
2022 Russia–European Union gas dispute
The Russia–EU gas dispute flared up in March 2022 following the invasion of Ukraine in late February. Russia and the major EU countries clashed over the issue of payment for pipeline natural gas exported to Europe by Russia's Gazprom. In June, ...
and the
2021–2022 United Kingdom natural gas supplier crisis, contributing to the
2021–present global energy crisis. As Russia and Belarus are major fertilizer exporters and natural gas is a primary component in many
fertilizer
A fertilizer (American English) or fertiliser (British English; see spelling differences) is any material of natural or synthetic origin that is applied to soil or to plant tissues to supply plant nutrients. Fertilizers may be distinct from ...
s, fertilizer prices rose accordingly, starting the
2022 food crises
2022 saw a rapid increase in food prices and shortages of food supplies around the world. The compounding crises in distinct parts of the world were caused by compounding geopolitical and economic crisis. The crises followed food security a ...
.
The previous commodity super cycle was the
2000s commodities boom
The 2000s commodities boom or the commodities super cycle was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), following the Great Commodities Depress ...
, which was attributed to
emerging market
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were ...
s, especially that of
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
, providing a high demand for
raw material
A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished goods, energy, or intermediate materials that are feedstock for future finished products. As feedst ...
s.
Food
![Commodity Prices](https://upload.wikimedia.org/wikipedia/commons/8/83/Commodity_Prices.webp)
Global food shortages already
existed due to the COVID-19 pandemic when, during the
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
, Russia
blockade
A blockade is the act of actively preventing a country or region from receiving or sending out food, supplies, weapons, or communications, and sometimes people, by military force.
A blockade differs from an embargo or sanction, which are le ...
d the
Port of Odesa
The Port of Odesa or Odesa Sea Port ( uk, Одеський морський порт, translit=Odeskyi morskyi port), located near Odesa, is the largest Ukrainian seaport and one of the largest ports in the Black Sea basin, with a total annual tra ...
, preventing grain exports. Ukraine is known as the
breadbasket
The breadbasket of a country or of a region is an area which, because of the richness of the soil and/or advantageous climate, produces large quantities of wheat or other grain. Rice bowl is a similar term used to refer to Southeast Asia; and C ...
of Eastern Europe because of its fertile soil and exports of
wheat
Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeologi ...
,
corn
Maize ( ; ''Zea mays'' subsp. ''mays'', from es, maíz after tnq, mahiz), also known as corn (North American and Australian English), is a cereal grain first domesticated by indigenous peoples in southern Mexico about 10,000 years ago. Th ...
, and
sunflower oil
Sunflower oil is the non-volatile oil pressed from the seeds of the sunflower (''Helianthus annuus''). Sunflower oil is commonly used in food as a frying oil, and in cosmetic formulations as an emollient.
Sunflower oil is primarily composed ...
.
Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
and the
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
brokered the
Black Sea Grain Initiative
The Initiative on the Safe Transportation of Grain and Foodstuffs from Ukrainian ports, also called the Black Sea Grain Initiative, is an agreement between Russia and Ukraine made with Turkey and the United Nations (UN) during the 2022 Russian in ...
between Russia and Ukraine, allowing the controlled export of grain through the Port to the
Black Sea
The Black Sea is a marginal mediterranean sea of the Atlantic Ocean lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. It is bounded by Bulgaria, Georgia, Roma ...
, though shipments have yet to reach prewar levels.
Natural gas is in most fertilizers, and fertilizer prices rose due to the Russia–European Union gas dispute, contributing to the food crises.
Oats
Hectare
The hectare (; SI symbol: ha) is a non-SI metric unit of area equal to a square with 100-metre sides (1 hm2), or 10,000 m2, and is primarily used in the measurement of land. There are 100 hectares in one square kilometre. An acre is a ...
s of oats are down in
North America
North America is a continent in the Northern Hemisphere and almost entirely within the Western Hemisphere. It is bordered to the north by the Arctic Ocean, to the east by the Atlantic Ocean, to the southeast by South America and the Car ...
along with
droughts in the United States
Drought in the United States is similar to that of other portions of the globe. Below normal precipitation leads to drought, and is caused by an above average persistence of high pressure over the affected area. Changes in the track of extratr ...
is limiting supply. Demand is up around the world for oats and 38.5% in one year for
East Asia
East Asia is the eastern region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. China, North Korea, South Korea and ...
.
Orange juice
Orange juice
Orange juice is a liquid extract of the orange (fruit), orange tree fruit, produced by squeezing or reaming oranges. It comes in several different varieties, including blood orange, navel oranges, valencia orange, clementine, and tangerine. A ...
prices have been close to an all time high in 2022 because of Hurricanes
Ian
Ian or Iain is a name of Scottish Gaelic origin, derived from the Hebrew given name (Yohanan, ') and corresponding to the English name John. The spelling Ian is an Anglicization of the Scottish Gaelic forename ''Iain''. It is a popular name in Sc ...
and
Nicole
Nicole may refer to:
People
* Nicole (name)
* Nicole (American singer) (born 1958), a contestant in season 3 of the American ''The X Factor''
* Nicole (Chilean singer) (born 1977)
* Nicole (German singer) (born 1964), winner of the 1982 Euro ...
.
Citrus greening disease
Citrus greening disease (; or HLB) is a disease of citrus caused by a vector-transmitted pathogen. The causative agents are motile bacteria, ''Liberibacter'' spp. The disease is vectored and transmitted by the Asian citrus psyllid, ''Diaphorina ...
has been causing damage to
citrus trees in the United States since 1998 when it was discovered, dropping the
orange
Orange most often refers to:
*Orange (fruit), the fruit of the tree species '' Citrus'' × ''sinensis''
** Orange blossom, its fragrant flower
*Orange (colour), from the color of an orange, occurs between red and yellow in the visible spectrum
* ...
production by half.
Lumber
Lumber prices increased with the hot housing market. Potential new American
tariff
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and poli ...
s of 17.99% on Canadian lumber also sent the price higher. Those tariffs were finalized lower to 11.64% by the
Biden Administration
Joe Biden's tenure as the 46th president of the United States began with his inauguration on January 20, 2021. Biden, a Democrat from Delaware who previously served as vice president under Barack Obama, took office following his victory ...
. New contracts that allow
semi trucks
A semi-trailer truck, also known as a semitruck, (or semi, eighteen-wheeler, big rig, tractor-trailer or, by synecdoche, a semitrailer) is the combination of a tractor unit and one or more semi-trailers to carry freight. A semi-trailer ...
to haul contracts instead of just rail cars starting August 8, 2022, potentially contributing to normalization of prices in the second half of 2022. Mortgage interest rates rising with inflation is another reason for cooling housing demand and consequently lumber as well.
Natural gas
![Natural gas prices Europe and US](https://upload.wikimedia.org/wikipedia/commons/4/40/Natural_gas_prices_Europe_and_US.webp)
Natural gas prices have increased around the world. In Europe,
Russia has invaded Ukraine and Europe is very dependent on Russia for
natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...
via
pipelines. Russia has economically weaponized natural gas and reduced flows on pipelines like the
Nord Stream 1
Nord Stream (German-English mixed expression; german: Nord and en, Stream, literally 'North Stream'; russian: Северный поток, ''Severny potok'') is a pair of offshore natural gas pipelines in Europe that run under the Baltic Sea ...
. Natural gas prices had been increasing worldwide before the invasion of Ukraine and increased substantially thereafter; in some areas, the price of gas has increased more than tenfold.
Natural gas recently became more of a global market with
liquefied natural gas
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volu ...
and
LNG ships maturing in size with
Qatar
Qatar (, ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it sh ...
being a world leader in exporting
LNG
Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the volu ...
. This
globalization
Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term ''globalization'' first appeared in the early 20t ...
of this
fungible commodity has caused the prices to shadow each other more in different markets. Previously, natural gas was more difficult to ship, and required pipeline infrastructure, which generally can only be emplaced on land, or for relatively short distances undersea. With the increased use of LNG, gas can be shipped by sea, albeit with the requirement of specialized port facilities.
Crude oil and petroleum products
Crude oil prices dropped dramatically during the first months of the COVID Pandemic (
WTI went negative for a day) and production was cut in anticipation of a prolonged slowdown. Demand soon exceeded supply because of loose monetary policy causing a
global energy crisis and prices to rise. Russia's
invasion of Ukraine
The territory of present-day Ukraine has been Invasion, invaded or Military occupation, occupied a number of times throughout History of Ukraine, its history.
List
See also
*List of invasions
*List of wars involving Ukraine
References
...
also resulted in price increases due to sanctions and trade restrictions.
Jet Fuel
Kerosene jet fuel
Jet fuel or aviation turbine fuel (ATF, also abbreviated avtur) is a type of aviation fuel designed for use in aircraft powered by Gas turbine, gas-turbine engines. It is colorless to straw-colored in appearance. The most commonly used fuels for c ...
refining
{{Unreferenced, date=December 2009
Refining (also perhaps called by the mathematical term affining) is the process of purification of a (1) substance or a (2) form. The term is usually used of a natural resource that is almost in a usable form, b ...
has to compete with
Diesel fuel
Diesel fuel , also called diesel oil, is any liquid fuel specifically designed for use in a diesel engine, a type of internal combustion engine in which fuel ignition takes place without a spark as a result of compression of the inlet air and t ...
and
gasoline
Gasoline (; ) or petrol (; ) (see ) is a transparent, petroleum-derived flammable liquid that is used primarily as a fuel in most spark-ignited internal combustion engines (also known as petrol engines). It consists mostly of organic co ...
at the refineries when refining
petroleum product
Petroleum products are materials derived from crude oil (petroleum) as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. The m ...
s. Jet fuel topped $5 a gallon in 2022.
Kerosene heating oil #1
Kerosene
Kerosene, paraffin, or lamp oil is a combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in aviation as well as households. Its name derives from el, κηρός (''keros'') meaning "wax", and was regi ...
heating oil
Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for furnaces or boilers use for home heating and in other buildings. Home heating oil is often a ...
was approaching $4 dollars per gallon in March 2022. The
EIA Eia or EIA may refer to:
Medicine
* Enzyme immunoassay
* Equine infectious anemia
* Exercise-induced anaphylaxis
* Exercise-induced asthma
* External iliac artery
Transport
* Edmonton International Airport, in Alberta, Canada
* Erbil Internation ...
stopped reporting the data in March 2022.
Diesel heating oil #2
Diesel
heating oil
Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for furnaces or boilers use for home heating and in other buildings. Home heating oil is often a ...
went from around $2 before the
pandemic
A pandemic () is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic (epidemiology), endemic disease wi ...
to almost $5 a gallon in 2022. The prices have peaked and are falling in 2022.
Electricity
Electricity prices rose in the United States through 2021 and 2022 mostly from the increase in natural gas prices which makes up the 35% of electricity generated in the United States
Lithium
![Lithium prices](https://upload.wikimedia.org/wikipedia/commons/6/6f/Lithium_prices.webp)
The price of
lithium carbonate
Lithium carbonate is an inorganic compound, the lithium salt (chemistry), salt of carbonate with the chemical formula, formula . This white Salt (chemistry), salt is widely used in the processing of metal oxides. It is listed on the World Health O ...
started to rise in 2021 after slumping in 2020 and peaked in early 2022 close to $80,000 per
ton
Ton is the name of any one of several units of measure. It has a long history and has acquired several meanings and uses.
Mainly it describes units of weight. Confusion can arise because ''ton'' can mean
* the long ton, which is 2,240 pounds
...
. Demand for electric vehicles around the world is the primary cause for the price rise. In 2021, electric vehicle sales doubled to 6.6 million from 2020.
Copper
![Price of Copper](https://upload.wikimedia.org/wikipedia/commons/d/de/Price_of_Copper.webp)
The price of copper rose through 2021 and peaked close to $5 per pound in Q2 2022 before retreating. Copper demand is expected to double from 25 million metric
tonne
The tonne ( or ; symbol: t) is a unit of mass equal to 1000 kilograms. It is a non-SI unit accepted for use with SI. It is also referred to as a metric ton to distinguish it from the non-metric units of the short ton ( United State ...
s in 2022 to over 50 MMT by the year 2035.
Nickel
![Nickel Prices](https://upload.wikimedia.org/wikipedia/commons/3/3a/Nickel_Prices.webp)
In March 2022
nickel
Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel is a hard and ductile transition metal. Pure nickel is chemically reactive but large pieces are slow to ...
prices spiked higher over fear of the
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
as Russia produced 15.2% of world nickel in 2021.
Tin
Prices of
tin
Tin is a chemical element with the symbol Sn (from la, stannum) and atomic number 50. Tin is a silvery-coloured metal.
Tin is soft enough to be cut with little force and a bar of tin can be bent by hand with little effort. When bent, t ...
were up 79% in 2021 because of high demand for
circuit board
A printed circuit board (PCB; also printed wiring board or PWB) is a medium used in Electrical engineering, electrical and electronic engineering to connect electronic components to one another in a controlled manner. It takes the form of a L ...
s.
Titanium
![Titanium price](https://upload.wikimedia.org/wikipedia/commons/b/b1/Titanium_price.webp)
Demand for
titanium
Titanium is a chemical element with the symbol Ti and atomic number 22. Found in nature only as an oxide, it can be reduced to produce a lustrous transition metal with a silver color, low density, and high strength, resistant to corrosion in ...
is high because defense spending increases on and resulting from the
Russo-Ukrainian War
The Russo-Ukrainian War; uk, російсько-українська війна, rosiisko-ukrainska viina. has been ongoing between Russia (alongside Russian separatist forces in Donbas, Russian separatists in Ukraine) and Ukraine since Feb ...
, parts for aircraft makers and
defense contractors
Defense or defence may refer to:
Tactical, martial, and political acts or groups
* Defense (military), forces primarily intended for warfare
* Civil defense, the organizing of civilians to deal with emergencies or enemy attacks
* Defense industr ...
; additionally, automotive industry demand for
titanium dioxide
Titanium dioxide, also known as titanium(IV) oxide or titania , is the inorganic compound with the chemical formula . When used as a pigment, it is called titanium white, Pigment White 6 (PW6), or CI 77891. It is a white solid that is insolubl ...
pigments remains high.
Rolled Steel
Hot-rolled steel prices hit close to $2,000 per
ton
Ton is the name of any one of several units of measure. It has a long history and has acquired several meanings and uses.
Mainly it describes units of weight. Confusion can arise because ''ton'' can mean
* the long ton, which is 2,240 pounds
...
in 2021.
Palladium
Palladium
Palladium is a chemical element with the symbol Pd and atomic number 46. It is a rare and lustrous silvery-white metal discovered in 1803 by the English chemist William Hyde Wollaston. He named it after the asteroid Pallas, which was itself na ...
is used widely in
catalytic converter
A catalytic converter is an exhaust emission control device that converts toxic gases and pollutants in exhaust gas from an internal combustion engine into less-toxic pollutants by catalyzing a redox reaction. Catalytic converters are usually ...
s to curb harmful emissions from car
exhaust
Exhaust, exhaustive, or exhaustion may refer to:
Law
*Exhaustion of intellectual property rights, limits to intellectual property rights in patent and copyright law
**Exhaustion doctrine, in patent law
** Exhaustion doctrine under U.S. law, in p ...
. Russia produces 40% of all palladium in the world, and the
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
has rattled the palladium market.
Rhodium
Rhodium
Rhodium is a chemical element with the symbol Rh and atomic number 45. It is a very rare, silvery-white, hard, corrosion-resistant transition metal. It is a noble metal and a member of the platinum group. It has only one naturally occurring isoto ...
is used widely in automotive
catalytic converter
A catalytic converter is an exhaust emission control device that converts toxic gases and pollutants in exhaust gas from an internal combustion engine into less-toxic pollutants by catalyzing a redox reaction. Catalytic converters are usually ...
s. Many countries have agreed to the
Paris climate accord
The Paris Agreement (french: Accord de Paris), often referred to as the Paris Accords or the Paris Climate Accords, is an international treaty on climate change. Adopted in 2015, the agreement covers climate change mitigation, adaptation, and ...
to cut car emissions and have higher standards for exhaust.
South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...
produces 80-90% of Rhodium each year. Russia is the second largest producer of rhodium but it is around 1%. The
COVID-19 pandemic in South Africa
The COVID-19 pandemic in South Africa is part of the ongoing pandemic of coronavirus disease 2019 (COVID-19) caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).
On 5 March 2020, Minister of Health Zweli Mkhize had conf ...
caused the country to enact
lockdown
A lockdown is a restriction policy for people, community or a country to stay where they are, usually due to specific risks (such as COVID-19) that could possibly harm the people if they move and interact freely.
The term is used for a prison ...
restrictions in March 2020 and again in December 2020 - March 2021. This affected the supply of Rhodium causing the price to increase.
Gold
![Price of gold](https://upload.wikimedia.org/wikipedia/commons/7/7b/Price_of_gold.webp)
Gold started to increase in price at the start of the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
as stocks sunk initially; gold is commonly seen as a safe haven from inflation and stock volatility. Gold crossed the $2,000 mark for the first time in August 2020 and again in March 2022.
Iron ore
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
is the number one consumer of
iron ore
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the fo ...
, importing 80% of all internationally traded iron ore. The price has been very
volatile because of curbs the
CCP has placed on the
steel industry
Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistant ty ...
to meet emission standards.
Australia
Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
,
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area ...
, and China are the top three producers of iron ore.
Cotton
![Cotton prices](https://upload.wikimedia.org/wikipedia/commons/e/e1/Cotton_prices.webp)
In the Western United States there have been persistent droughts in the 2020s hurting cotton yields among other agricultural products.
See also
*
1970s energy crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period wer ...
*
1970s commodities boom
The 1970s commodities boom refers to the rise of many commodity prices in the 1970s. Excess demand was created with money supply increasing too much and supply shocks that came from Arab–Israeli conflict, initially between Israel and Egypt. Th ...
*
2000s commodities boom
The 2000s commodities boom or the commodities super cycle was the rise of many physical commodity prices (such as those of food, oil, metals, chemicals and fuels) during the early 21st century (2000–2014), following the Great Commodities Depress ...
*
2021–2022 inflation surge
The 2021–2022 inflation surge is the higher-than-average economic inflation throughout much of the world that began in early 2021. It has been attributed to the 2021 global supply chain crisis caused by the COVID-19 pandemic, and unexpected ...
*
Commodity market
A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investin ...
*
List of commodity booms
This is a list of economic boom
An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluc ...
References
{{Financial bubbles
Commodity booms
Open economy macroeconomics
2000s economic history
21st-century economic history