Commodity prices from energy and metals to agricultural products rebounded sharply in 2021, with power fuels leading the rally, driven by tight supplies and a strong economic recovery as COVID-19 vaccinations staved off widespread lockdowns.
Global demand for commodities is expected to remain robust in 2022 and underpin prices as the world economy continues to recover, although similar price jumps are unlikely, analysts and traders say.
High prices are encouraging producers to ramp up output, but some analysts expect supplies for products such as oil and liquefied natural gas to stay tight as these projects require years for production to come on line.Record coal and natural gas prices led to a severe power crunch from Europe to India and China in 2021.
Iron ore prices, which hit record peaks in May, crashed in the second half of the year amid strict output curbs in China. Dalian iron ore futures fell more than 10% after a massive rally over the past two years.
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