Crude oil prices approached three-year highs in January as a result of a decline in the number of US oil rigs drilling from new sources while political instability in Iran increased upward pressure.
Data Box
Key Monthly Rises
LME copper prices have risen, driven by forecasts of increasing industrial demand from China. Prices were squeezed further by Chinese environmental reform that cut its production capacity.
Dry weather caused concerns over sugar crop quality. However, global sugar production is forecast up 8% in 2018, offsetting rises.
Cocoa butter prices fell, driven by high production last season. However, heavy rains in the Ivory Coast have caused disease in the crop. This has not yet affected prices as the full impact is not known and supply is being met.
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