SM Commodities Index - April 2023

15 May 2023

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

Crude oil

After a weak March plagued by concerns of bank failures, crude prices rose 8% in April, aided by OPEC+ production cuts amounting to 1.16MMb/d. However, recession fears and mediocre industrial performance in mainland China kept Brent pricing well under $90/barrel, and prices were already falling towards March levels come the end of April.

Whether prices stay depressed depends on a combination of Chinese demand living up to expectations and OPEC+’s appetite for further cuts.


Global sugar prices are climbing from an early end to Asian sugarcane processing and a slow start to Brazil. While India is set to have lower exports, Thailand’s sugarcane production did not hit expectations.

Brazil’s sugarcane season is beginning and strong precipitation in April has minimised harvest and is leading to delays in production. Brazil is the world’s largest sugar exporter so delays in processing will mean a slowdown in exportable supplies entering the market.

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SM Commodities Index April 2023 - Final

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