SM Commodities Index – September 2022

The latest prices and key trends from the SM Commodities Index.


Nickel prices on the London Metal Exchange temporarily spiked above $24,000/tonne in September on strengthening demand from mainland Chinese buyers and concerns about potential disruptions to Russian nickel supply, according to S&P Global. 

Prices have since retreated and will fluctuate in a range of $20,000–23,000/tonne through the first quarter of 2023 as increasing macroeconomic headwinds and a strong dollar limit the upside to prices. Meanwhile, low inventory levels and tight supply conditions limit the downside.


Wheat prices rose in September as the US wheat harvest in the US wrapped up and ended the seasonal downward price push in cash markets.

Additional bullish momentum stemmed from continued concern over Ukrainian wheat exports, drought conditions in Europe and the US hard red winter wheat belt, and normal seasonal strength moving into the fourth quarter.

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