{
  "description": "Commodity Price Correlation Matrix — Sample Data",
  "updated": "2026-05-22",
  "source": "Rzzro Intelligence (https://rzzro.com)",
  "methodology": "Pearson correlation coefficients calculated from monthly settlement prices, January 2020 – April 2026. Values range from -1 (perfect negative correlation) to +1 (perfect positive correlation).",
  "citation": "Rzzro Intelligence (2026). Commodity Price Data. Retrieved from https://rzzro.com/data/",
  "commodities": [
    "Copper", "Aluminum", "Zinc", "Nickel",
    "Gold", "Silver", "WTI Crude", "Natural Gas",
    "Wheat", "Corn"
  ],
  "matrix": [
    [1.000, 0.812, 0.745, 0.683, 0.421, 0.568, 0.534, 0.312, 0.245, 0.218],
    [0.812, 1.000, 0.721, 0.645, 0.387, 0.521, 0.498, 0.289, 0.267, 0.234],
    [0.745, 0.721, 1.000, 0.592, 0.356, 0.478, 0.512, 0.302, 0.312, 0.287],
    [0.683, 0.645, 0.592, 1.000, 0.298, 0.412, 0.467, 0.276, 0.198, 0.176],
    [0.421, 0.387, 0.356, 0.298, 1.000, 0.891, 0.234, 0.112, 0.089, 0.076],
    [0.568, 0.521, 0.478, 0.412, 0.891, 1.000, 0.312, 0.156, 0.134, 0.112],
    [0.534, 0.498, 0.512, 0.467, 0.234, 0.312, 1.000, 0.456, 0.321, 0.298],
    [0.312, 0.289, 0.302, 0.276, 0.112, 0.156, 0.456, 1.000, 0.189, 0.167],
    [0.245, 0.267, 0.312, 0.198, 0.089, 0.134, 0.321, 0.189, 1.000, 0.923],
    [0.218, 0.234, 0.287, 0.176, 0.076, 0.112, 0.298, 0.167, 0.923, 1.000]
  ],
  "observations": [
    "Industrial metals (Copper, Aluminum, Zinc, Nickel) show strong positive inter-correlations (0.59–0.81), reflecting shared exposure to global industrial demand cycles.",
    "Gold and Silver are highly correlated (0.89), forming a distinct precious metals cluster with weaker correlation to industrial metals (0.30–0.57).",
    "Energy commodities (WTI Crude, Natural Gas) show moderate correlation with each other (0.46) and with industrial metals (0.29–0.53).",
    "Agricultural commodities (Wheat, Corn) are strongly correlated with each other (0.92) but weakly correlated with metals and energy (0.08–0.32), reflecting distinct supply-side drivers.",
    "Base metals correlations to crude oil (0.47–0.53) suggest a common demand channel through global industrial activity."
  ],
  "license": "Creative Commons Attribution 4.0 International (CC BY 4.0)"
}