Résumé
he economic crisis caused by the Covid-19 lockdown and health management measures has affected the commodity family in very different ways. While the energy markets collapsed, agricultural and food products proved particularly resilient, with prices even rising in late spring 2020 for key products such as wheat, maize and soya. The continuity of supply chains during the confinement and then the injection of liquidity reassured operators and supported demand. In a context of frenzied bond issuance and debt buybacks by central banks in OECD countries, soft commodities attracted investors who, during the second half of the year, accumulated long positions in the North American and European futures markets, pushing prices up. Tropical products benefited from this situation with varying degrees of success. Palm oil has seen its prices rise by an average of 25% over the year, Thai rice is up by almost 20% and arabica is also up in double figures. For the rest, it's a bit of a headache. Cocoa and robustas are plagued by stubborn surpluses, and natural rubber, which depends on the dynamism of the automobile market, has been the agricultural product most directly exposed to the consequences of Covid-19.