Index of Commodity Prices June 2015
Release date: 1 July 2015
Preliminary estimates for June indicate that the index rose by 0.7 per cent (on a monthly average basis) in SDR terms, after declining by 1.8 per cent in May (revised). An increase in the iron ore price more than offset declines in coal and oil prices. The base metals subindex fell sharply in the month, while the rural commodities subindex declined more modestly. In Australian dollar terms, the index rose by 2.9 per cent in June.
Over the past year, the index has fallen by 17.9 per cent in SDR terms, led by declines in the in the prices of bulk commodities. The index has fallen by 9.2 per cent in Australian dollar terms over the past year.
Consistent with previous releases, preliminary estimates for iron ore, coking coal and thermal coal export prices are being used for the most recent months, based on market information. Using spot prices for these commodities, the index increased by 0.9 per cent in June in SDR terms, to be 18 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 and ‘Weights for the Index of Commodity Prices’ (April 2015).