Business Research & Insights

The NAB Rural Commodities Index continued its upwards momentum and increased 1.4% month-on-month in May. The index is around levels seen in February 2023.

NAB’s Non-rural Commodity Price Index is forecast to fall by 12.3% in 2024 and a further 12.6% in 2025 – led by softer prices for bulk commodities (iron ore and coal).

Consumption up but growth still slow

Following a slow end to 2023, a slow start to 2024

We see our NAB commodity index falling substantially in 2024, despite higher forecasts for base metals and gold.

Slower global economic growth in 2024 and 2025 set to constrain commodity demand

Growth slows in line with NAB’s forecast

NAB’s Non-rural Commodity Price Index is expected to ease in Q1 2024

A slow end to 2023

Weaker global growth in 2024 to drive modest commodity demand

A further slowing in growth

Below trend growth to continue