The RBA has released its commodity price index for November, which registered a 0.5% rise SDR (currency weighted) terms – the key determinant of the terms-of-trade – as well as a 2.2% increase in Australian dollar terms:
Preliminary estimates for November indicate that the index increased by 0.2 per cent (on a monthly average basis) in SDR terms, after decreasing by 2.0 per cent in October (revised). Increases in coking coal, thermal coal and oil prices more than offset a decline in the iron ore price. The rural subindex increased in the month, while the base metals subindex was largely unchanged. In Australian dollar terms, the index increased by 2.2 per cent in November.
