Despite heightened volatility, the IMF’s primary commodity price index remained broadly stable between February and August 2020, the respective reference periods for the April 2020 and October 2020 WEOs. This reflects two distinct phases: between February and April the index fell by 24 percent as the COVID-19 pandemic intensified; between April and August the index recovered by about 31 percent, as many countries eased lockdown measures and economic activity resumed. The rebound, however, has varied across commodities, depending on conditions in end-use sectors and regions affected by the outbreak and on the storability and supply elasticity of a commodity. Prices of energy and some agricultural raw materials rebounded later than metals’ prices. Food prices were less affected, even though changes were widely dispersed across agricultural commodities. This special feature also includes an in-depth analysis of coal.