RBA Commodity Price Index – April 2010
Posted on 04 May 2010
The RBA published it’s commodity price index for April yesterday per the chart below (you can find the original release here):
The index was up 15.1% for April in A$ terms – partially reflecting the contract wins that the miners had in iron ore (up 100% YOY), thermal coal (up 36-40%) and coking coal (up 55-100%).
These increases have been baked into stock prices for some time. If anything the prices of Australia’s resource stocks had been easing into the weekend before the government slapped them on both cheeks as can be seen in the performance of XMJ – the ASX materials sector index – to the end of April:
Notably, while momentum has been fading in our leading index since the start of the year, it is yet to turn down.
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