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Commodity forecasts: May 2022

Our latest forecasts for energy, metals, selected softs and our composite indices

6 May, 2022

Most commodities softened in April, except for coal which had a robust rally. Central banks are normalising rates and commencing quantitative tightening, providing a boost to the US dollar and weakening commodity prices, particularly precious and base metals. Following the Russian invasion, supply disruptions, as well as increased demand by the EU to replace Russian gas, drove a 36% surge in thermal coal prices while tight supply is supportive of iron ore prices.

Westpac Commodity Forecasts May 2022 (PDF 39kb)