Weights for the Index of Commodity Prices

New weights for the RBA Index of Commodity Prices will apply with the release of the index for March on 1 April 2014. The index will be reweighted according to an average of export values in 2011/12 and 2012/13 (previously 2010/11 and 2011/12). The index will be rebased so that the 2012/13 average is 100 (previously 2011/12).

Changes to individual commodity weights were generally around ½ percentage point, with the exception of the weight on metallurgical coal – which declined by 2 percentage points – and the weight on LNG – which increased by around 1 percentage point.

For further details regarding the methodology used for constructing the index, please refer to ‘Changes to the RBA Index of Commodity Prices: 2013’ in the March 2013 issue of the Bulletin.[1]

Details are in the attached table.

Weights for the Index of Commodity Prices
Per cent
Weight
From 1 April 2014 1 April 2013 –
31 March 2014
Rural Commodities 12.2 10.9
Wool 1.3 1.4
Beef and veal 2.6 2.5
Wheat 3.5 3.2
Barley 0.8 0.7
Canola 0.9 0.6
Sugar 0.7 0.7
Cotton 1.5 1.1
Lamb and mutton 0.8 0.8
Base metals 5.2 5.8
Aluminium 2.1 2.4
Lead 0.5 0.5
Copper 1.8 2.1
Zinc 0.5 0.5
Nickel 0.3 0.3
Bulk commodities 55.6 57.5
Iron ore 32.2 32.7
Metallurgical coal 14.4 16.4
Thermal coal 9.0 8.4
Other resources 27.0 25.8
LNG 7.1 6.0
Crude oil 5.6 6.0
Alumina 2.9 2.9
Gold 8.4 8.0
Copper ore 2.9 2.8
Total 100.0 100.0

Sources: ABARES; ABS; RBA

Footnote

Note that ‘Changes to the RBA Index of Commodity Prices: 2013’ refers to average export values of 2010/11 and 2011/12 and is based using 2011/12 average is 100. [1]