Identifying Price Volatility in Physical Commodities

As an investment consultant, you are analyzing the performance metrics of physical commodities for a client interested in diversifying their portfolio. The client is particularly focused on the historical price dynamics and the correlation with macroeconomic factors. In your research, you come across various types of physical commodities including agricultural products, metals, and energy sources. Given this context, you must determine which type of physical commodity generally exhibits the highest level of price volatility due to supply constraints and global demand fluctuations.