Global commodities have seen a more than 20% slump compared to the same period last year, as reflected by the S&P GSCI Commodities index.
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Prices of commodities like crude oil and iron ore have been sliding this year, underlining a continuing economic rout across the globe and possible recession risks, market watchers told CNBC.
Global commodities have seen a more than 25% slump over the last 12 months as reflected by the S&P GSCI Commodities index — a benchmark measuring the wider performance of various commodity markets.
Out of the different baskets of commodities, industrial metals have slid 3.79% during that period (up to June 30), while energy commodities like oil and gas have slipped 23%. Conversely, agricultural commodities such as grain, wheat, and sugar have gained roughly 11%.
But the overall slide for the index is likely pointing to a global economic slowdown and a recession, analysts say, as China’s Covid-19 rebound loses momentum.
“Iron ore and copper are good barometers of the very cyclical portions of the global economy, including construction and manufacturing, of which are in recession in many places,” Kpler’s Senior Commodity Analyst Reid I’Anson said via e-mail.
“It is my belief that this will flow through to a broader decline in economic activity, especially in the West,” I’Anson added.
He foresees that the U.S. will likely see a GDP contraction in the fourth quarter of this year or 2024’s first quarter, and that Europe will follow suit in three to six months.
“The failure of the Chinese economy to live up to the expectations of the market is the biggest reason commodity markets are struggling to find a footing,” I’Anson continued.
China has been posting a slew of economic data that has been weaker than market expectations, pointing to a faltering Covid reopening after years of strict lockdowns. Bank of America analysts confirm that China’s rebound has been weaker than expected.
“Especially for property, investment dropped 7% year-on-year,” said the bank’s Head of Asia-Pacific Basic Materials and Oil & Gas Research, Matty Zhao. A property market decline is often associated with a drop in demand for construction materials like steel, aluminum, copper and nickel.
China’s real estate sector slump is predicted to last for years, according to Wall Street banks. And the Chinese government doesn’t look like it’s going to pursue an aggressive fiscal stimulus package, said I’Anson. Even if it does, “it would need to be sizable to impress markets at this point.”
Among the biggest losers of the commodities slide are iron ore and oil, the analysts concur. Kpler has cited the downbeat prospects of copper as well, which acts as a proxy economic pulse check due to its various uses such as electrical equipment and industrial machinery.
Oil prices have declined significantly, with the global benchmark Brent plunging 34.76% year-on-year, even as OPEC’s output cuts come into play.
Weak energy consumption in Europe, in part due to a warm winter, has led to gas storage surging to past-five year high levels in the EU, and pushed down prices, said Zhao. Additionally, the world’s largest oil importer China, has been ramping up coal production instead amid a power crunch.
That being said, in the event of an extreme cold weather event, energy prices may recover in the second half of the year, Zhao forecasts.
According to BofA, the year-to-date average of steel and iron ore prices dropped 16% year-on-year on the back of sluggish construction demand. Poor construction demand also reflects in other building materials like cement, whose inventory levels have reached 75%.
Iron ore is primarily used to make steel, an important material in construction and engineering projects.
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“Commodities such as industrial metals tend to move lower ahead of economic leading indicators like PMIs and historically have helped signal when a downturn might occur,” said Director of Commodities and Real Assets at S&P Dow Jones Indices, Jim Wiederhold. He added that oil tends to “dip drastically” as a downturn is happening.
“In general, many major commodities slumped over the last few months as companies and consumers reduced their demand ahead of a potential economic downturn,” he said.
Commodities also tend to move in tandem with changes in inflation, Wiederhold continued. And if inflation continues to dip lower, commodity markets could see more downside in the short term, he said.
According to the International Monetary Fund, global headline inflation is poised to fall from 8.7% in 2022 to 7% in 2023.
“Given commodities are an early indicator, I’d say prices will likely struggle to find much footing until next year,” said I’Anson.
Hyundai’s first three-row electric SUV is finally here, and it’s even better than we expected. The IONIQ 9 arrives with “class-leading” interior space, up to 335 miles of range, and much more. Hyundai is showing off just how spacious the IONIQ 9 really is.
Hyundai highlights how spacious the 3-row IONIQ 9 is
It’s been less than two months since the first IONIQ 9 models rolled off the assembly line at Hyundai’s massive new manufacturing plant in Georgia.
With its first three-row electric SUV about to reach dealerships any day, Hyundai wants you to know that the IONIQ 9 is spacious enough for just about anyone.
“The IONIQ 9 is more than just a vehicle; it’s a space where life happens,” Hyundai Motor America’s marketing chief, Sean Gilpin, explained.
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Hyundai launched a new ad campaign on Friday, ” Space to Connect, ” to highlight the SUV’s class-leading interior space.
With the second and third-row seats folded, the IONIQ 9 boasts up to 2,462 liters (87 cubic feet) of interior cargo space. That’s even more than the 2025 Ford Explorer with up to 2,429 liters (85.8 cubic feet). With all seats upright, the IONIQ 9 still has 620 liters of cargo capacity.
It’s not only spacious, but the IONIQ 9’s interior is packed with Hyundai’s most advanced software and connectivity tech.
As part of a curved panoramic display, the infotainment system includes dual 12″ driver display and infotainment screens.
Earlier this month, Hyundai announced that the 2026 IONIQ 9 will start at $58,995. With a $1,600 destination fee, the base RWD S model, which has a range of up to 335 miles, also starts at $60,555.
For $64,365 (including destination), you can upgrade to the AWD SE model with 303 horsepower and 320 miles range. Meanwhile, the range-topping IONIQ 9 AWD Performance Calligraphy Design trim, which gets added Matte paint, 21″ wheels, and 311 miles driving range, starts at $78,090.
2026 Hyundai IONIQ 9 Model
EV Powertrain
Drivetrain
Driving Range (miles)
Starting Price (including destination fee)
IONIQ 9 RWD S
160-kW (215-HP) Electric Motor
Rear- Wheel Drive
335
$60,555
IONIQ 9 AWD SE
226.1 kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$64,365
IONIQ 9 AWD SEL
226.1-kW (303-HP) Dual Electric Motors
All-Wheel Drive
320
$67,920
IONIQ 9 AWD PERFORMANCE LIMITED
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$72,850
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$76,590
IONIQ 9 AWD PERFORMANCE CALLIGRAPHY DESIGN
314.6-kW (422-HP) Dual Electric Motors
All-Wheel Drive
311
$78,090
2026 Hyundai IONIQ 9 prices and driving range by trim (*including a $1,600 destination fee)
The IONIQ 9 has a native NACS port to access Tesla Superchargers. Using a 350 kW DC fast charger, it can charge from 10% to 80% in as little as 24 minutes.
While you wait for the three-row IONIQ 9, Hyundai’s smaller IONIQ 5 is currently on sale. With leases starting at just $209 per month, the IONIQ 5 is hard to pass up right now. You can use our link to find Hyundai IONIQ 5 models at a dealer near you today.
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Federal tax credits are starting to waver under the current administration, but as of May 2025, you can still take advantage of up to $4,000 off the purchase of a used EV. If you’d rather not listed to me talk, you can skip right to all the BEVs and PHEVs that currently qualify by clicking here.
How the current tax credit works for used EVs
As part of revised terms in the Inflation Reduction Act signed by President Biden, federal tax credits have been extended (for now) and include revamped benefits for used EV purchases. That said, your used EV purchase must fit certain criteria to qualify for a credit up to $4,000. Per the IRS:
Beginning January 1, 2023, if you buy a qualified previously owned electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a previously owned clean vehicle tax credit under Internal Revenue Code Section 25E.
Used EVs face terms that offer a credit equal to 30% of the sale price (up to $4,000). That should help consumers like yourselves get some change back in their pockets at the end of the fiscal year, as long as you stick to these terms as outlined by the IRS.
To qualify as a customer, you must:
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Be an individual who bought the vehicle for use and not for resale
Must be an individual (no businesses)
Not be the original owner
Not be claimed as a dependent on another person’s tax return
Not have claimed another used clean vehicle credit in the 3 years before the EV purchase date
Modified adjusted gross income must not exceed $75k for individuals, $112,500 for heads of households, and $150k for joint returns
Additionally, in order for used EV to qualify for federal tax credits, it must:
Have a sale price of $25,000 or less
Have a model year at least 2 years earlier than the calendar year when you buy it
For example, a vehicle purchased in 2023 would need a model year of 2021 or older
Not have already been transferred after August 16, 2022, to a qualified buyer
Have a gross vehicle weight rating of less than 14,000 pounds
Be an eligible FCV or plug-in EV with a battery capacity of least 7 kilowatt hours (kWh)
Be for use primarily in the United States
Purchased from a certified dealer:
For qualified used EVs, the dealer reports required information to you at the time of sale and to the IRS
A used vehicle qualifies for tax credit only once in its lifetime
These used EVs qualify for credits as of May 2025
It’s important to note that this is not the end-all, be-all list of used EVs that qualify for tax credits in the US. As always, we recommend speaking with a tax professional and EV dealer directly to ensure what you and your new vehicle qualify for. Without further ado, here are the all-electric models that currently qualify:
Tesla (TSLA) shareholders were getting excited on social media about a “Tesla prototype” that turned out to be a competitor’s prototype vehicle.
A new electric vehicle prototype started showing up on social media, and Tesla shareholders started sharing it, assuming it was a Tesla prototype.
A Tesla shareholder part of the “Rebellionaire” group on X, a group of Tesla stock pumpers, even shared it, claiming that it is “what gets him ultra bullish” on Tesla:
The only problem is that it wasn’t even a Tesla prototype.
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Faraday Future (FF) came out and confirmed that it is a prototype mule of their new ‘Faraday X’:
That’s our testing vehicle, a Faraday X Prototype Mule.
FF is better known for its very high-end FF91, but it is currently developing less expensive next-generation vehicles under its new Faraday X brand.
Tesla shareholders got excited because some are still holding on to the idea that Tesla is going to release new cheaper electric vehicles under new models.
Tesla has confirmed all that in their most recent financial results and earnings calls, but some are still holding on to the idea that Tesla plans to release completely new models due to Musk’s comments.
Electrek’s Take
I think part of Tesla’s problems right now are due to its shareholder base not recognizing its problems and blindly believing what Elon Musk says, despite a long history of misleading and plain wrong.
This is a prime example.
Tesla has now confirmed what we have been reporting for a year: the new vehicles are just going to be stripped-down versions of Model 3 and Model Y.
No new models are coming to market other than supposedly the Cybercab, but as long as this is only planned without a steering wheel, it is useless until it can solve unsupervised self-driving, which it has yet to do.
This is a problem that shareholders are either ignoring or don’t believe.
Tesla launched a single new model in the last five years, the Cybertruck, which was a commercial flop.
At some point, shareholders must wake up and realize that Musk is destroying Tesla’s EV business and that self-driving vehicles are not coming to save the day.
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