Commodity prices in November 2025: the biggest changes
In November 2025, 21 of 43 benchmark prices rose and 19 fell, with 3 unchanged; the median change was 0.0%. Natural gas rose most, +18.4%: largest one-month rise since January 2025, the 3rd rise in a row. Oranges fell most, −18.1%. 4 prices set a record in cash terms: beef, silver, gold, copper.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Natural gas | $3.79/MMBtu | +18.4% | +80% | Largest one-month rise since January 2025, the 3rd rise in a row |
| Soybeans | $446/t | +10.4% | +2% | Largest one-month rise since October 2024 |
| Wheat | $245.9/t | +6.5% | −3% | Largest one-month rise since September 2024 |
| Beef | $7.51/kg | +5.9% | +22% | Largest one-month rise since March 2024, the 6th rise in a row |
| Coal | $112.6/t | +4.7% | −21% | Largest one-month rise since May 2025 |
| Urea | $409.3/t | +3.8% | +16% | Largest one-month rise since July 2025 |
| Rice | $368/t | +3.4% | −28% | Largest one-month rise since May 2025 |
| Chicken | $1.77/kg | +2.9% | +16% | Largest one-month rise since September 2025 |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Oranges | $0.86/kg | −18.1% | −67% | Largest one-month fall since October 2025 |
| Phosphate fertilizers | $708.3/t | −6.1% | +23% | Largest one-month fall since April 2024, the 3rd fall in a row |
| Sugar | $0.32/kg | −5.9% | −29% | Largest one-month fall since January 2025, the 3rd fall in a row |
| Cocoa | $5.61/kg | −5.7% | −29% | Largest one-month fall since October 2025, the 3rd fall in a row |
| Palm oil | $983/t | −5.3% | −16% | Largest one-month fall since May 2025 |
| Palm kernel oil | $2,153/t | −5.3% | +7% | Largest one-month fall since October 2025 |
| Coconut oil | $2,440/t | −4.2% | +30% | Largest one-month fall since September 2025, the 4th fall in a row |
| Platinum | $1,565/troy oz | −3.2% | +62% | Largest one-month fall since August 2025 |
New records
These prices reached their highest monthly average in the series in November 2025, in cash terms: beef ($7.51/kg), silver ($50.4/troy oz), gold ($4,087/troy oz), copper ($10,812/t). 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, 7 rises (+2.0% in November 2025); zinc, 7 rises (+0.8% in November 2025); beef, 6 rises (+5.9% in November 2025); tin, 6 rises (+2.6% in November 2025); plywood, 5 falls (−2.5% in November 2025); crude oil, 5 falls (−1.7% in November 2025); coconut oil, 4 falls (−4.2% in November 2025); coffee, 4 rises (+1.7% in November 2025).
By category
| Category | Average change | Prices |
|---|---|---|
| Energy | +7.2% | 3 |
| Grains & cereals | +4.0% | 3 |
| Livestock, meat & dairy | +3.6% | 3 |
| Metals | +0.2% | 10 |
| Fertilizers | −0.4% | 4 |
| Fibres & other raw materials | −0.6% | 2 |
| Oilseeds & vegetable oils | −0.7% | 7 |
| Timber & forest products | −1.6% | 3 |
| Softs | −2.4% | 5 |
| Fruit & vegetables | −7.7% | 2 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Natural gas | $3.79/MMBtu | +80% | +18.4% |
| Oranges | $0.86/kg | −67% | −18.1% |
| Silver | $50.4/troy oz | +62% | +2.0% |
| Platinum | $1,565/troy oz | +62% | −3.2% |
| Gold | $4,087/troy oz | +54% | +0.7% |
| Coffee | $9.05/kg | +35% | +1.7% |
| Coconut oil | $2,440/t | +30% | −4.2% |
| Peanuts | $1,200/t | −29% | 0.0% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.