May 2012
Concerns over global food inflation picked up again during April as the price of oilseeds – such a soyabean, corn and rapeseed – soared. Crop supplies have tightened recently as a result of dry weather in Latin America and rising demand from China. Soya prices, in particular, have risen over 20% since the start of the year; the bean hit a four-year high towards the end of April, at over $15 a bushel.
Chinese copper producers unveiled plans to export supplies of the industrial metal in an effort to reduce their groaning inventories. Copper prices have climbed recently as supplies elsewhere have fallen to unusually low levels. Meanwhile, the price of platinum overtook gold for the first time in six months as investors moved towards riskier assets. Platinum, which is used in the car industry, has benefited from the improved economic outlook. Crude oil prices were weaker over the month as plans for further talks with Iran eased tensions over future oil supplies.
