No sign up or rego xxx best adult chat - Updating the rba index of commodity prices
This article summarises changes to be made to the RBA Index of Commodity Prices (ICP).
In line with developments in export values over recent years, the weight of iron ore in the index will increase, while the weights for coal, gold and base metals will be reduced.
The main cause of the coking coal price spike, however, appears to have been a combination of a series of adverse supply shocks, including weather-related disruption both in China and here in Australia as well as some additional disruptions to Australian supply.
The impact of these recent price swings is captured in the RBA’s index of commodity prices, with preliminary estimates for October showing the index up by 9.5 per cent in SDR terms on a monthly average basis, and up 7.9 per cent in dollar terms.
That reflected a drop of more than $16 billion in the value of goods exports, with exports of iron ore alone – Australia’s largest export earner – down by almost $17 billion as the price of iron ore slumped from more than US$67/t in January 2015 to US$39.60/t in December 2015.
That followed earlier price falls in 20 which had seen the value of iron ore exports drop from $69.5 billion in 2013 to $66 billion in 2014 before hitting $49.1 billion last year.
However, the windfall is not expected to be a sustained one: the Department’s forecasters judge that the recent bout of price increases for iron ore and coking coal mainly reflects a set of temporary factors, and in their view the price of both commodities is now expected to decline from current levels through until the end of 2017.