In recent days, however, supply-side frictions are driving considerable volatility, with the price of the TTF once again hitting € 100 / MWh on June 15th. A similar trend characterized electricity, with the Single National Price (PUN) which, despite having absorbed the extreme peaks observed in recent months, now oscillates around levels almost five times those of the pre-pandemic (210.1 € / MWh on June 13).
Finally, among the energy sectors, Brent oil stands out, the price of which is characterized by continuous and accelerating growth: the barrel has exceeded $ 120 in recent days, reaching double levels compared to January 2020, and the appreciation of dollar against the euro contributed to the increase in prices in our currency. The prices of raw materials in the agri-food chain, strongly impacted by the war in Ukraine, seem to have stabilized. Compared to the peak since the outbreak of the conflict, the price of wheat has dropped by -22%, settling at around € 10.2 / bushel. Similarly, the price of corn fell -6% from the peak, reaching a level of 7.4 € / bushel as of 13 June. In both cases, despite the partial retracement, these are still double price levels compared to those of pre-Covid. Among ferrous metals, steel has recorded a marked decline in recent weeks, equal to -34% compared to its peak. A figure that brings it back to the levels of the beginning of February, in any case almost double compared to January 2020. The price of the resource fluctuates around 130 € / Ton, equal to about one and a half times the level before the pandemic. On the non-ferrous metals front, nickel has partially reabsorbed the shock that had caused the suspension of trading on the London Metal Exchange (-36% from the peak), with a price that is now around 25 thousand euros per ton, equal to + 106.8% compared to January 2020. The price of aluminum, which grew steadily until the beginning of March 2022, is now in a phase of reduction, below the levels of the beginning of February (2476.6 € / Ton on 13 June, + 55.2% compared to pre-Covid). Furthermore, the price of copper stabilized at around + 60% compared to pre-Covid, thus interrupting the slow growth that characterized the last few months (€ 8885.2 / Ton on 13 June). Finally, the price of wood has dropped markedly in recent months, recording a -62.2% compared to the peak since the beginning of the conflict. However, the prices remain more than a third higher than the levels of the beginning of 2020.