Commodity prices off the boil

<p>Kia ora,</p><p>Welcome to Monday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news commodities are on the front line of a global economic shift.</p><p>The top ten commodities traded in the world are Brent crude (oil), Steel, WTI crude (oil), Soybeans, Iron, Corn, Gold, Copper, Aluminium and Silver, in that order.</p><p>But <a href="https://tradingeconomics.com/commodity/copper" target="_blank"><strong>copper</strong></a> prices fell to US$7,716/tonne at the end of last week, a very long way down from the US$10,000+ level they reached at the start of June.</p><p><a href="https://tradingeconomics.com/commodity/aluminum" target="_blank"><strong>Aluminium</strong></a> prices fell to US$2,244/tonne, also a far cry from the peak in mid-March over US$3,800/tonne. They are now back to where they were in middle of 2021.</p><p><a href="https://tradingeconomics.com/commodity/iron-ore" target="_blank"><strong>Iron ore</strong></a> prices are not going anywhere, despite all the talk of stimulus and rebounds in China. And that is also in the face of supply difficulties in China. World <a href="https://tradingeconomics.com/commodity/steel" target="_blank"><strong>steel</strong></a> prices are flat-lining despite high energy costs.</p><p>Even <a href="https://tradingeconomics.com/commodity/wheat" target="_blank"><strong>wheat</strong></a> prices are falling, in this case based on fresh USDA planting data pointed to grain acreage and stock levels that were above market expectations.</p><p>Only <a href="https://tradingeconomics.com/commodity/corn" target="_blank"><strong>corn</strong></a>, <a href="https://tradingeconomics.com/commodity/soybeans" target="_blank"><strong>soybeans</strong></a> and oil are staying high. The rest are in a funk now, a developing fade.</p><p>You should note that it is a long weekend holiday in the US, their three day <a href="https://www.youtu