Sorry we missed this one on Friday. RBA reports commodities are still heading for the moon
Preliminary estimates for June indicate that the index rose by 1.3 per cent (on a monthly average basis) in SDR terms, after rising by 3.7 per cent in May (revised). The largest contributors to the rise in June were increases in the estimated export prices of coking and thermal coal, reflecting the ongoing movement to higher contract prices. In Australian dollar terms, the index rose by 2.2 per cent in June.
Over the past year, the index has risen by 28 per cent in SDR terms. Much of this rise has been due to increases in iron ore, coking coal and thermal coal export prices. With the appreciation of the exchange rate over the year, the index rose by 12 per cent in Australian dollar terms.
As indicated in previous releases, preliminary estimates for iron ore, coking coal and thermal coal export prices are being used for recent months, based on market information.
For further details regarding the construction of the index, please refer to ‘Updating the RBA’s Index of Commodity Prices’ in the October 2009 issue of the Bulletin.
Details are in the attached table and graph.