FIBER: Industrial Commodity Prices Increase in Latest Four Weeks
by:Tom Moeller
|in:Economy in Brief
Summary
- Crude oil & metals prices strengthen.
- Textile prices are roughly steady.
- Lumber prices decline.
The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 1.7% during the four weeks ended September 22. The index remains down 1.8% y/y, but it is improved versus a 20.3% y/y decline early in March.
Prices in the crude oil & benzene group rose 9.0% (11.5% y/y) in the last four weeks. The cost of West Texas Intermediate crude oil rose 13.3% in four weeks to $90.67 per barrel, up 7.2% y/y, while the price of the petro-chemical benzene strengthened 22.8% (53.1% y/y) in four weeks. Excluding crude oil & benzene, the industrial commodity price index rose 1.1% (-2.3% y/y) over the last four weeks.
Metals group prices improved 2.7% (3.9% y/y) in the last four weeks as zinc prices rose 8.0% (-20.6% y/y). Steel scrap prices improved 3.0% (4.7% y/y) and tin prices edged 0.8% higher (20.7% y/y). Lead prices rose 2.8% (20.0% y/y) in the last four weeks. Aluminum prices rose 3.1% (-2.3% y/y) but copper scrap prices eased 0.3% (+6.2% y/y) in four weeks.
Prices in the textile group edged 0.1% higher during the last four weeks but declined 3.8% y/y. Cotton prices rose 2.3% but weakened 16.0% y/y. The cost of burlap declined 2.8% (-10.0% y/y) in the last four weeks.
The miscellaneous group price index fell 1.1% (-10.1% y/y) during the last four weeks. Framing lumber prices weakened 7.9% (-33.1% y/y) with the weakness in home building and the cost of natural rubber improved 2.3% (4.1% y/y) in four weeks.
The Foundation for International Business and Economic Research (FIBER) develops economic measurement techniques as applied to business cycles and inflation in the U.S. and other market economies. The commodity price data can be found in Haver's DAILY, WEEKLY, USECON and CMDTY databases.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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