Commodity prices decline further globally in March

Energy prices declined 6.3 per cent in March, led by natural gas in Europe and coal, the World Bank's Pink sheet reported.

Natural gas in Europe fell 16.5 per cent while coal slid 9.8 per cent. Non-energy prices dropped 2.2 per cent, with all key components registering losses, said the monthly report, which monitors commodity price movements.

Agricultural prices eased 1.6 per cent in March. Food and raw material prices declined 2 per cent and 1 per cent, respectively, while beverage prices remained largely unchanged.

Fertiliser prices declined 3.6 per cent, led by Urea, which went down by 12.3 per cent and Muriate of potash, which was down 8.8 per cent.

Metal prices dropped 3.2 per cent last month, led by declines in the prices of nickel, tin, zinc, and aluminium.

Nickel prices fell 12.9 per cent, tin closed 10.7 per cent lower, zinc was down 5.3 per cent, and aluminium shed 5 per cent.

Precious metals gained 2.7 per cent, led by gold, which was up 3.1 per cent.