A shock like no other: coronavirus rattles commodity markets

The novel coronavirus (2019-nCoV) originated in China has now covered around 213 countries globally. It has posed health calamities which have threatened the world with the emergence. Owing to the number of confirmed cases still rising every day, it has now become a phase of an international health emergency. Sudden outbreak of coronavirus disease 2019 (COVID-19) has brought global declines in the commodity process. This has majorly affected the demand as well as supply of the commodities. The oil market has been severely affected due to the outrageous collapse in the demand majorly due to travel restrictions which has also caused the steepest decline in oil prices. The prices of both precious and industrial metals have also fallen, although the price drop is less than that of oil prices. The agriculture industry is one of the least affected so far by this pandemic due to its indirect relation with economic activities. However, the ultimate impact of COVID-19 pandemic will greatly depend on the severity and duration of its outspread, but it is expected to have long-lasting implications.