2023 was not a good year for commodities in general. The commodities whose prices rose the most were gold (13.10% vs. 2022) and copper (just 1.19%), which compares to the rises for lithium (72.49%) and nickel (43.13%) in 2022 vs. the previous year. By 2024, the projections point to a less volatile market despite the fact that the war in Ukraine continues and the disruptions seen at critical points along international trade routes, such as the attacks in the Red Sea and the attacks in the Red Sea and transit restrictions in the Panama Canal due to drought.

According to the Economist Intelligence Unit (EIU), in the case of agricultural commodities, the war in Ukraine and the evolution of the El Niño phenomenon will be the main factors of variation (for starters, for example, the harvest in Argentina will finally not be as good as projected, due to climatic factors, the harvest in Argentina will finally not be as good as projected, due to climatic factors).

For base metals, EIU expects a slight recovery in prices, especially aluminum and nickel (due to the weight of Russia as a supplier), but is less optimistic in the short term for copper: although this metal is central to the electrification of the economy and presents good medium/long term prospects, the poor performance of China's economy, with demand that is not taking off and a deep crisis in the construction sector, does not favor price recovery during 2024.

The following are the five commodities whose prices have varied the most over the last four years: