Commodity prices in January 2026: the biggest changes
In January 2026, 29 of 43 benchmark prices rose and 12 fell, with 2 unchanged; the median change was +1.9%. Natural gas rose most, +78.4%: largest one-month rise since February 2021, the 5th rise in a row. Cocoa fell most, −14.0%. 6 prices set a record in cash terms: silver, platinum, tin, copper, gold, beef.
Biggest gains
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Natural gas | $7.58/MMBtu | +78.4% | +85% | Largest one-month rise since February 2021, the 5th rise in a row |
| Silver | $92.1/troy oz | +47.8% | +203% | Largest one-month rise since January 1980, the 9th rise in a row |
| Platinum | $2,434/troy oz | +28.6% | +156% | Largest one-month rise since January 1980 |
| Oranges | $1.11/kg | +20.7% | −57% | Largest one-month rise since June 2012 |
| Tin | $49,538/t | +20.2% | +67% | Largest one-month rise in the series, which starts in 1960, the 8th rise in a row |
| Nickel | $17,769/t | +19.4% | +15% | Largest one-month rise since March 2022 |
| Copper | $13,012/t | +10.4% | +45% | Largest one-month rise since July 2020, the 5th rise in a row |
| Gold | $4,753/troy oz | +10.3% | +75% | Largest one-month rise since October 2025, the 6th rise in a row |
Biggest falls
| Commodity | Price | Month | 12 months | How unusual |
|---|---|---|---|---|
| Cocoa | $4.97/kg | −14.0% | −54% | Largest one-month fall since October 2025 |
| Coconut oil | $2,197/t | −5.4% | +11% | Largest one-month fall since January 2023, the 6th fall in a row |
| Tea | $2.73/kg | −5.2% | −2% | Largest one-month fall since January 2025, the 3rd fall in a row |
| Coffee | $8.02/kg | −4.5% | +3% | Largest one-month fall since December 2025 |
| Rice | $408/t | −3.8% | −15% | Largest one-month fall since October 2025 |
| Soybeans | $425/t | −3.4% | +3% | Largest one-month fall since December 2024 |
| Canola | $1,223/t | −2.8% | +6% | Largest one-month fall since July 2025, the 4th fall in a row |
| Chicken | $1.75/kg | −1.7% | +14% | Largest one-month fall since August 2025 |
New records
These prices reached their highest monthly average in the series in January 2026, in cash terms: silver ($92.1/troy oz), platinum ($2,434/troy oz), tin ($49,538/t), copper ($13,012/t), gold ($4,753/troy oz), beef ($7.97/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, 9 rises (+47.8% in January 2026); tin, 8 rises (+20.2% in January 2026); plywood, 7 falls (−0.5% in January 2026); gold, 6 rises (+10.3% in January 2026); coconut oil, 6 falls (−5.4% in January 2026); natural gas, 5 rises (+78.4% in January 2026); copper, 5 rises (+10.4% in January 2026); aluminum, 5 rises (+9.2% in January 2026).
By category
| Category | Average change | Prices |
|---|---|---|
| Energy | +28.9% | 3 |
| Metals | +15.1% | 10 |
| Fruit & vegetables | +12.1% | 2 |
| Fibres & other raw materials | +3.2% | 2 |
| Livestock, meat & dairy | +3.1% | 3 |
| Fertilizers | +1.7% | 4 |
| Oilseeds & vegetable oils | +0.7% | 7 |
| Timber & forest products | +0.2% | 3 |
| Grains & cereals | −0.5% | 3 |
| Softs | −4.7% | 5 |
Biggest changes over twelve months
| Commodity | Price | 12 months | This month |
|---|---|---|---|
| Silver | $92.1/troy oz | +203% | +47.8% |
| Platinum | $2,434/troy oz | +156% | +28.6% |
| Natural gas | $7.58/MMBtu | +85% | +78.4% |
| Gold | $4,753/troy oz | +75% | +10.3% |
| Tin | $49,538/t | +67% | +20.2% |
| Oranges | $1.11/kg | −57% | +20.7% |
| Cocoa | $4.97/kg | −54% | −14.0% |
| Copper | $13,012/t | +45% | +10.4% |
See also every benchmark price, the pattern reports, and the price movers feed. Data: monthly.json.