How do commodity prices change?

Commodity prices change due to various factors such as supply and demand, geopolitical events, weather conditions, technological advancements, government regulations, and more. When demand exceeds supply, the price of a commodity increases, while if supply exceeds demand, the price of a commodity decreases. Similarly, unexpected weather conditions, such as drought or hurricanes, can disrupt supply and increase commodity prices. Political events like wars, economic sanctions, or changes in government policies can also cause fluctuations in commodity prices. Technological advancements that increase efficiency in production or transportation can lower the cost of producing and transporting commodities, leading to lower prices. Additionally, changes in the value of the currency used to trade commodities can also impact their prices.