FIBER: Industrial Commodity Prices Move Higher in Latest Four Weeks
by:Tom Moeller
|in:Economy in Brief
Summary
- Rubber costs surge.
- Lumber & metals prices strengthen.
- Crude oil costs decline.
In conjunction with the rise in factory output in November and December, the Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 1.7% (0.9% y/y) during the four weeks ended February 7, 2025, adding to gains in the prior three periods. The level of the index stood at its highest since mid-November.
Prices in the Miscellaneous group strengthened 4.4% during the last four weeks and rose 5.6% y/y. The cost of natural rubber increased 11.3% in four weeks and jumped 17.9% y/y. Framing lumber prices rose 1.8% over the last four weeks and increased 5.4% y/y.
Prices in the Metals group followed and increased 1.4% (4.5% y/y) over the most recent four weeks. Aluminum costs improved 5.2% in four weeks (18.9% y/y) while steel scrap costs rose 2.8% (-15.3% y/y). Tin prices increased 1.9% (19.2% y/y) while copper scrap costs rose 1.6% in four weeks (8.5% y/y). The cost of lead improved 1.1% (-9.0% y/y) but zinc prices were off 3.9% (+13.2% y/y) in four weeks.
Textile group prices held steady (-3.1% y/y) in the latest four weeks. Burlap costs rose 4.7% (16.3% y/y) in four weeks but the cost of cotton fell 2.8% (-26.1% y/y).
Crude Oil & Benzene group prices eased 0.8% (-7.6% y/y) in the latest four weeks. The cost of West Texas Intermediate crude oil slumped 2.4% to $72.01 per barrel and stood 2.3% lower y/y, though it was still above a $68.58 low in the first week of December. The cost of the petro-chemical benzene, used for making plastics & synthetic fibers, rose 0.5% (-30.3% y/y) in the last four weeks. Excluding crude oil, the industrial commodity price index moved 1.9% higher (1.1% y/y).
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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