With the war in Ukraine, 2022 turned out to be a year with a lot of volatility in the commodities market. 2023 has started somewhat calmer, and many of last year's major price rises have been partially reversed. Against this backdrop, which do you think was the best performing commodity group in the first quarter of 2023?

ANSWER

Agricultural. Taking the S&P GSCI, S&P's investable commodity index, as a benchmark, the S&P GSCI Softs TR subgroup, which groups together products such as cotton, coffee and cocoa, has returned 11.39% since the beginning of the year through April 3. It was followed by the S&P GSCI Precious Metals TR, of precious metals, which had a positive variation of 8.04%, thanks mainly to the performance of the price of gold. The worst-performing index was the S&P GSCI Natural Gas TR, which fell by 52.46%.