Monday, July 01, 2013

Not a pretty picture. The latest on commodity prices from the RBA

As the RBA tells it:

"Preliminary estimates for June indicate that the index fell by 4.1 per cent (on a monthly average basis) in SDR terms, after falling by 2 per cent in May (revised). The largest contributors to the decline in June were falls in the prices of iron ore, gold and coal. The prices of many rural commodities and base metals also declined in the month. In Australian dollar terms, the index rose by 1.8 per cent in June.

Over the past year, the index has fallen by 10.5 per cent in SDR terms. Much of this fall has been due to declines in the prices of coking coal, iron ore, thermal coal and gold. The index has fallen by 5.5 per cent in Australian dollar terms over the past year."