The Export Price Index, including oil, increased by 2.40% over the past week.
Oil prices have been rising since January 11, 2023, and the growth for the week was 4.21%. Due to the lifting of coronavirus restrictions in China and a decrease in supply due to the Decree adopted by the Russian Federation banning oil exports to countries that have supported the price ceiling, traders expect an increase in demand. Gas prices for the week under review decreased by 13.73%, and the decrease for the month was 40.4%. This is by the impact of low gas consumption in the USA and Europe, where abnormally warm weather is observed.
The Price Index excluding oil decreased by 3.79%.
The dynamics of price changes for individual commodity items were multidirectional. So, copper rose by 2.61%. But uranium, wheat and zinc fell by 1.41%, 2.50% and 3.51%, respectively. The prices of silver (-2.13%) and aluminum (-0.40%) also decreased.
Amid continued optimism about an increase in demand from China for the red metal, copper was trading near a seven-month high. Also, the prices were affected by supply disruptions in Peru due to national protests among the population. In general, commodity prices will continue to intensely correlate with the COVID-19 situation in China and the military conflict in Ukraine.
You can go through the dynamics of the Export Price Index changes at: https://jusananalytics.kz/en/xpija/.