FIBER: Industrial Commodity Prices Weaken in Latest Four Weeks
by:Tom Moeller
|in:Economy in Brief
Summary
- Tin & copper scrap prices decline sharply.
- Crude oil prices fall.
- Natural rubber prices decline sharply but plywood prices increase.
The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) declined 1.4% (+1.1% y/y) during the four weeks ended November 22, 2024, continuing the decline in the four-week period ending late-October.
Prices in the Metals group weakened 4.4% (+5.5% y/y) over the most recent four weeks. Tin costs fell 7.4% in four weeks (+16.7% y/y) while copper scrap prices declined 5.4% (+8.6%). Zinc prices fell 5.9% (+16.7 y/y) in four weeks and steel scrap prices were off 4.4% (-6.7% y/y) in four weeks. The cost of lead fell 3.9% (-13.7% y/y). Edging higher, aluminum prices moved up 0.2% during the last four weeks (19.1% y/y).
Crude Oil & Benzene group prices declined 1.6% (-7.5% y/y) in the latest four weeks. The cost of West Texas Intermediate crude oil weakened 2.3% to $68.89 per barrel and stood 10.7% lower y/y. The cost of the petro-chemical benzene, used for making plastics & synthetic fibers, fell 4.1% (-16.7% y/y) in the last four weeks. Excluding crude oil, the industrial commodity price index declined 1.4% (+1.9% y/y) in the latest four-week period.
Textile prices eased 0.4% (-1.1% y/y) over the last four-week period. Cotton prices fell 2.4% (-15.0% y/y) and the cost of burlap slipped 0.5% (+15.0% y/y) during the last four weeks.
Edging higher, prices in the Miscellaneous group improved 0.5% during the last four weeks and rose 3.5% y/y. The cost of natural rubber weakened 11.9% in four weeks but jumped 34.6% y/y. Working higher, plywood prices improved 15.4% over the last four-week period (11.6% 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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