Commodity prices in September 2025: the biggest changes
In September 2025, 25 of 43 benchmark prices rose and 15 fell, with 3 unchanged; the median change was +0.8%. Silver rose most, +12.0%: largest one-month rise since April 2024, the 5th rise in a row. Urea fell most, −9.2%. 3 prices set a record in cash terms: silver, gold, beef.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Silver | $42.8/troy oz | +12.0% | +42% | Largest one-month rise since April 2024, the 5th rise in a row |
| Coffee | $8.83/kg | +9.3% | +44% | Largest one-month rise since August 2025 |
| Gold | $3,668/troy oz | +8.9% | +43% | Largest one-month rise since February 2016 |
| Platinum | $1,435/troy oz | +6.9% | +48% | Largest one-month rise since July 2025 |
| Palm kernel oil | $2,414/t | +6.6% | +59% | Largest one-month rise since August 2025, the 3rd rise in a row |
| Corn | $197.4/t | +6.4% | +7% | Largest one-month rise since September 2024 |
| Zinc | $2,933/t | +5.2% | +3% | Largest one-month rise since October 2024, the 5th rise in a row |
| Canola | $1,268/t | +4.5% | +17% | Largest one-month rise since April 2025 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Urea | $461.1/t | −9.2% | +37% | Largest one-month fall since March 2025 |
| Cocoa | $7.03/kg | −7.5% | +8% | Largest one-month fall since July 2025 |
| Sugar | $0.35/kg | −5.4% | −22% | Largest one-month fall since January 2025 |
| Coconut oil | $2,597/t | −5.3% | +50% | Largest one-month fall since January 2023 |
| Coal | $106.3/t | −5.3% | −24% | Largest one-month fall since February 2025 |
| Tea | $2.94/kg | −3.3% | −10% | Largest one-month fall since January 2025 |
| Phosphate fertilizers | $780.6/t | −1.8% | +41% | Largest one-month fall since May 2024 |
| Tobacco | $6,949/t | −1.5% | +14% | Largest one-month fall since September 2022 |
New records
These prices reached their highest monthly average in the series in September 2025, in cash terms: silver ($42.8/troy oz), gold ($3,668/troy oz), beef ($6.9/kg). A cash record is not the same as a record after inflation; the real-prices report shows every price against its inflation-adjusted peak.
Long runs
Prices that have now moved in the same direction for four or more months in a row: silver, 5 rises (+12.0% in September 2025); zinc, 5 rises (+5.2% in September 2025); tin, 4 rises (+1.9% in September 2025); fishmeal, 4 rises (+1.5% in September 2025); palm oil, 4 rises (+1.1% in September 2025); beef, 4 rises (+0.6% in September 2025); rice, 4 falls (−0.3% in September 2025).
By category
| Category | Average change | Prices |
|---|---|---|
| Metals | +4.5% | 10 |
| Grains & cereals | +2.4% | 3 |
| Livestock, meat & dairy | +1.6% | 3 |
| Oilseeds & vegetable oils | +1.1% | 7 |
| Fibres & other raw materials | +0.6% | 2 |
| Timber & forest products | +0.4% | 3 |
| Fruit & vegetables | +0.4% | 2 |
| Energy | −1.2% | 3 |
| Softs | −1.7% | 5 |
| Fertilizers | −3.0% | 4 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Palm kernel oil | $2,414/t | +59% | +6.6% |
| Coconut oil | $2,597/t | +50% | −5.3% |
| Oranges | $1.29/kg | −49% | +0.8% |
| Platinum | $1,435/troy oz | +48% | +6.9% |
| Coffee | $8.83/kg | +44% | +9.3% |
| Gold | $3,668/troy oz | +43% | +8.9% |
| Silver | $42.8/troy oz | +42% | +12.0% |
| Phosphate fertilizers | $780.6/t | +41% | −1.8% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.