Index of Commodity Prices November 2013

Release date: 2 December 2013

Preliminary estimates for November indicate that the index increased by 0.1 per cent (on a monthly average basis) in SDR terms, after declining by 0.4 per cent in October (revised). The prices of iron ore and thermal coal increased in November, which were partly offset by declines in the prices of gold, coking coal and wheat. The base metals and the rural subindices also declined in the month. In Australian dollar terms, the index increased by 1.5 per cent in November.

Over the past year, the index has declined by 1.9 per cent in SDR terms. The prices of gold, wheat and coal have fallen over this period, while the price of iron ore has risen. The index has risen by 9.6 per cent in Australian dollar terms over the past year.

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. Using spot prices for these commodities, the index increased by 1.2 per cent in November in SDR terms, to be 1.8 per cent lower over the past year.

For further details regarding the construction of the index, please refer to ‘Changes to the RBA Index of Commodity Prices: 2013’ in the March 2013 issue of the Bulletin.