General
Petrol hit $1, iron ore soared but commodities this year all hang on the success of COVID-19 vaccines
The year 2020 has been one of fluctuating fortunes for Australia’s biggest exports amid the coronavirus-fuelled recession and trade row with China.
Key points:
- Iron Ore trades nears $US170 a tonne
- Gold tipped to reach new record of $US2100 an ounce
- Oil price recovery dependent on successful COVID-19 vaccine
- Petrol prices fluctuate around $1 a litre in some capital cities
Gold hit a record high above $US2,000 an ounce and iron ore prices jumped by more than two-thirds in 2020 as China’s economy recovered from the COVID-19 shutdown and a coronavirus outbreak in Brazil closed iron ore mines.
But the coronavirus recession sent oil prices below zero for the first time as economies came to a standstill, crushing demand for fuel.
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