The fall in the greenback mechanically makes commodities more attractive for buyers with a different currency, such as the yuan. The weakening of the dollar has been weakening against its counterparts since April 2020. This constitutes a first factor of support for commodity prices, except in the case of gold and cocoa.

After a particularly prosperous year 2020 for the “hard commodities” segment, the metals rally is still in full swing. Meanwhile, gold is posting one of the worst scores of the year, tested by rising real yields from major bond issuers. On the contrary, it is the metals commonly used in certain industries (automotive, electronics, etc.) that are doing well. This price inflation is once again the result of strong demand while, on the other hand, supply is slipping. Silver, which enjoys a more “mixed” profile since it is used in jewellery, by industries but also for investment purposes, therefore achieves a more moderate performance.
Within the broad family of agricultural products, levels continued to rise during the year. Nevertheless, cocoa thus acts as a UFO in this compartment. Production in Côte d'Ivoire, the world's largest producer, is expected to increase this year, pushing prices down.