Non-energy commodity prices rose 2.1 percent in April, with much of the increase in grains prices, particularly for rice which has soared due to strong import demand and a number of export cutbacks. Fertilizer prices also rose sharply due to higher crop plantings in the northern hemisphere, capacity constraints, and export taxes in Russia and China.

Crude oil prices jumped 6.8 percent in April, to average $108.8/bbl, and hit record highs of more than $120/bbl in early May. Prices have been driven higher mainly by expectations of supply tightness amidst robust non-OECD demand, particularly in Asia and in oil exporting countries. There were further supply disruptions in Nigeria due to strikes and rebel attacks, and a strike at a refinery in Scotland threatened to shut the North Sea Forties pipeline system (these strikes have ended). Non-OPEC production growth continues to disappoint, with Russia (which has provided sizeable output growth in recent years) joining the ranks of those with falling production. In the first quarter, Russian output fell for the first time in nine years.

Agriculture prices climbed 1.7 percent in April, led by a 12 percent gain in grains prices. Rice prices soared 53 percent and are up three-fold from last year due to export restrictions in a number of countries—and more recently cyclone devastation in Myanmar—as well as factors that have driven up other grains prices, namely rising costs for energy and fertilizer and sharp increases in biofuel demand (indirectly affects rice). Sorghum and corn prices rose 7 and 5 percent, respectively, partly due to rain-delayed U.S. plantings. Wheat prices plunged 18 percent on expectations of higher global production. Coffee robusta and arabica prices fell on expected higher production from Brazil.

Metals and minerals prices rose 0.3 percent in April, with most metals declining on rising stocks and concerns about global demand. The main exception was tin which surged 9 percent due to sharply declining stocks and production constraints in Indonesia and China. Copper prices rose 3 percent on lower stocks, strike actions in Chile, and possible labor disruption in Peru. Zinc prices dropped 10 percent due to weak demand and a rebound in Chinese production. Nickel prices fell 8 percent on weak stainless steel demand and rising supply and stocks, while lead prices fell 6 percent on weak seasonal demand. Gold and silver prices fell on a shift of financial assets due to the strengthening dollar in the second half of April.