Index of Commodity Prices July 2011

Preliminary estimates for July indicate that the index rose by 0.9 per cent (on a monthly average basis) in SDR terms, after rising by 1.7 per cent in June (revised). The largest contributors to the rise in July were increases in the price of gold and the estimated export price of thermal coal. Prices for most of the base metals also rose, while wheat and cotton prices fell. In Australian dollar terms, the index fell by 0.9 per cent in July.

Over the past year, the index has risen by 28 per cent in SDR terms. Much of this rise has been due to increases in iron ore, coking coal and thermal coal export prices. With the appreciation of the exchange rate over the year, the index rose by 10 per cent in Australian dollar terms.

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.

For further details regarding the construction of the index, please refer to ‘Updating the RBA's Index of Commodity Prices’ in the October 2009 issue of the Bulletin.