MANY commodity prices fell last year as the euro crisis and slowing growth in emerging markets dampened demand. American crude oil, one of the few commodities whose price rose, is now 10% more expensive after a volatile year. Oil prices peaked in April, then dropped back when Libyan supplies came back online and economic prospects improved. The same gloomy outlook helped to boost gold—increasingly seen as safe haven for investors—to record prices. Cooper prices also reached record highs, driven by emerging-market demand, before falling back by the end of the year. Crop prices dropped thanks to bumper harvests for cereals, oils and wheat. Concerns over the supply of orange juice have pushed prices to a record high this week. A destructive fungicide was found in an orange shipment from Brazil, the world’s largest producer of orange juice.
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