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.

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.

The diplomatic row with China saw multiple Australian exports caught in the crossfire including coal, beef, barley, lobsters and wine.