Commodities up in January

The RBA released its monthly Commodity Price Index this afternoon and the “once in a century boom” continues:

Preliminary estimates for February indicate that the index rose by 1 per cent (on a monthly average basis) in SDR terms, after rising by 1 per cent in January (revised).

The largest contributors to the rise in February were increases in the prices of gold, iron ore and oil, while the prices of base metals and a range of rural commodities also increased. The estimated export price of coking coal continued to decline in the month, reflecting falls in spot and contract prices. In Australian dollar terms, the index fell by 1.3 per cent in February.

Over the past year, the index has risen by 3.5 per cent in SDR terms. Much of this rise has been due to increases in the prices of coal, gold and oil. The index has fallen by 3.5 per cent in Australian dollar terms over the past year.

Here is the chart of the whole index back to 2000, showing the epic rise in SDR terms:

But more importantly, for equity investors, in both USD and AUD terms:

Anyone notice a similar path for the ASX200?

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  1. How are these charts compiled, do they add the price of all commodities in a group (e.g Gold, Silver, Ore,) together and then devide by the number of commodities in the group?