The Core Commodity CRB Index fell to 285, erasing all gains made since Russia’s invasion of Ukraine and down almost 20% since its June peak as a stronger dollar and predictions of a recession in 2023 lead investors to unwind bullish positions and sell futures contracts. Copper, considered an economic barometer, plunged more than 30% to $3.3/Lbs from a record high of near $5 hit in May and WTI crude futures touched 9-month lows below $80 per barrel. Also, Aluminum futures were at the lowest since February 2021 and Gold remained close to 2-½-year lows.
Historically, CRB Commodity Index reached an all time high of 470.17 in July of 2008. CRB Commodity Index - data, forecasts, historical chart - was last updated on October of 2022.
CRB Commodity Index is expected to trade at 293.46 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 310.06 in 12 months time.