Commodity prices in December 2025: the biggest changes
In December 2025, 20 of 43 benchmark prices rose and 19 fell, with 4 unchanged; the median change was 0.0%. Silver rose most, +23.6%: largest one-month rise since August 2020, the 8th rise in a row. Phosphate fertilizers fell most, −11.4%. 3 prices set a record in cash terms: silver, copper, gold.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Silver | $62.3/troy oz | +23.6% | +102% | Largest one-month rise since August 2020, the 8th rise in a row |
| Platinum | $1,893/troy oz | +21.0% | +102% | Largest one-month rise since June 2025 |
| Rice | $424/t | +15.2% | −20% | Largest one-month rise since August 2023 |
| Natural gas | $4.25/MMBtu | +12.1% | +41% | Largest one-month rise since November 2025, the 4th rise in a row |
| Tin | $41,220/t | +11.5% | +43% | Largest one-month rise since April 2024, the 7th rise in a row |
| Copper | $11,785/t | +9.0% | +32% | Largest one-month rise since December 2020, the 4th rise in a row |
| Oranges | $0.92/kg | +7.0% | −66% | Largest one-month rise since July 2025 |
| Gold | $4,309/troy oz | +5.4% | +63% | Largest one-month rise since October 2025, the 5th rise in a row |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Phosphate fertilizers | $627.5/t | −11.4% | +10% | Largest one-month fall since April 2024, the 4th fall in a row |
| Palm kernel oil | $1,993/t | −7.4% | −5% | Largest one-month fall since October 2022, the 3rd fall in a row |
| Coffee | $8.4/kg | −7.2% | +11% | Largest one-month fall since July 2025 |
| Coconut oil | $2,323/t | −4.8% | +18% | Largest one-month fall since September 2025, the 5th fall in a row |
| Coal | $107.7/t | −4.4% | −17% | Largest one-month fall since September 2025 |
| Urea | $392.5/t | −4.1% | +12% | Largest one-month fall since October 2025 |
| Tea | $2.88/kg | −3.7% | −3% | Largest one-month fall since January 2025 |
| Lead | $1,940/t | −2.9% | −3% | Largest one-month fall since April 2025 |
New records
These prices reached their highest monthly average in the series in December 2025, in cash terms: silver ($62.3/troy oz), copper ($11,785/t), gold ($4,309/troy oz). 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, 8 rises (+23.6% in December 2025); tin, 7 rises (+11.5% in December 2025); crude oil, 6 falls (−1.4% in December 2025); plywood, 6 falls (−0.5% in December 2025); gold, 5 rises (+5.4% in December 2025); coconut oil, 5 falls (−4.8% in December 2025); cotton, 5 falls (−1.8% in December 2025); natural gas, 4 rises (+12.1% in December 2025).
By category
| Category | Average change | Prices |
|---|---|---|
| Metals | +7.3% | 10 |
| Grains & cereals | +5.3% | 3 |
| Fruit & vegetables | +3.5% | 2 |
| Energy | +2.1% | 3 |
| Timber & forest products | +1.0% | 3 |
| Fibres & other raw materials | 0.0% | 2 |
| Livestock, meat & dairy | −0.8% | 3 |
| Softs | −1.3% | 5 |
| Oilseeds & vegetable oils | −2.1% | 7 |
| Fertilizers | −3.6% | 4 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $62.3/troy oz | +102% | +23.6% |
| Platinum | $1,893/troy oz | +102% | +21.0% |
| Oranges | $0.92/kg | −66% | +7.0% |
| Gold | $4,309/troy oz | +63% | +5.4% |
| Cocoa | $5.78/kg | −44% | +3.0% |
| Tin | $41,220/t | +43% | +11.5% |
| Natural gas | $4.25/MMBtu | +41% | +12.1% |
| Bananas | $1.16/kg | +40% | 0.0% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.