The phrase "global commodity" refers to a product that is commonly produced or traded all around the world. It is something that is in high demand and can be easily bought or sold internationally. Full definition
These include the general background of strong demand and tight capacity, as well as rises in global commodity prices that have added to business input costs. (rba.gov.au)
In a world of globally traded commodities, it is no longer possible to be truly energy independent: even domestically produced energy sources are subject to fluctuations in global commodity markets. (americansecurityproject.org)
In the past two years the amount of product sold into global commodity markets has fallen from 40 to 30 per cent. (afr.com)