Extreme Weather and Red Sea Crisis Trigger Commodities Rally

After three years of extreme volatility, many experts predicted that commodities prices would broadly stabilize in 2024. However, adverse weather conditions, escalating geopolitical tensions and soaring shipping costs are turning those predictions on their heads. According to data gathered by the the United States’ National Oceanic and Atmospheric Association (NOAA), the European Union’s Copernicus Climate Change Service (CCCS), the United Nations World Meteorological Organization (WMO),  last year not only broke 2016’s…