RBA Commodity Price index – up again with manufacturing stronger still
Posted on 02 April 2010
And here was I thinking that industrial production is ready to top out.
- The March reading of the US ISM manufacturing index just punched 59.6 (versus 56.5 in Feb and at the highest reading since last year’s dip – read it here); and,
- China’s PMI bounced to 55.1 in March (versus Feb of 52.0 – link from the China Daily here)
Once again, it’s all upside. Guess we can expect the OECD leading indicators to similarly respond to this strength.
So it’s not all that surprising that the RBA Commodity Price index remains firmly higher as well:
Leading the charge were iron ore, coal prices and crude oil in SDR terms (the index didn’t keep pace with the AUD’s rise – falling marginally in March). And by way of quick reference, following is the performance of the ASX200 materials sector and our composite commodity price/volume indicator:
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