RBA commodity price index – More cows, less metals
Posted on 02 March 2010
The RBA’s Commodity Price Index for January shows off just how diversified Australia’s old world exporting economy is:
The index rose in A$ and SDR terms, while suffering from the stronger currency in US$ terms. The drivers were stronger beef, veal, coal and iron ore prices while aluminium, copper and oil fell.
Our work-in-progress index for the ASX200 materials index (XMJ) has turned over – though until we get a clearer fix on it’s utility, wouldn’t read too much into the sell signal.
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[...] on 03 March 2010 Following up on our note yesterday on the RBA Commodity Price index and the turning down of our pre-pubescent materials sector leading [...]