Recent Updates

  • US: Quarterly Services Survey (Q3)
  • Turkey: Average Cost and Maturity of Domestic Borrowing (Nov)
  • Mexico: CPI, PPI (Nov)
  • Brazil: Retail Trade (Oct)
  • Latvia: CPI (Nov)
  • more updates...

Economy in Brief

Industrial Commodity Prices Move Up
by Tom Moeller  November 14, 2022

• Gain follows three straight weeks of decline.

• Textile & metals prices rise.

• Oil prices ease.

The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 1.2% last week (-11.6% y/y). Nevertheless, during the last four weeks, the price index was off 1.5% and remained 21.2% below its peak in the second week of March.

Price declines were largest in the Miscellaneous group where they fell 2.7% (-11.2% y/y) during the last four weeks. Natural rubber prices declined 6.6% in four weeks and were off 9.5% during the last year. Framing lumber prices fell 8.3% in four weeks and were down by one-third y/y, mirroring weakness in home construction activity. Hide prices held steady over four weeks but fell 28.2% y/y.

Metals prices slid 1.6% in the last four weeks and were off 23.4% y/y. Steel scrap prices fell 6.3% in the last four weeks (-30.3% y/y) while tin prices fell 4.3% (-50.3% y/y). The price of zinc, used in the manufacture of batteries, dropped 4.1% in four weeks and fell 12.8% y/y. Lead prices fell 1.7% (-14.5% y/y). Offsetting these declines, copper scrap prices increased 4.8% (-19.0% y/y) in four weeks and aluminum prices improved 0.9% (-9.9% y/y).

Textile prices eased 0.3% (-5.2% y/y). Prices of burlap, used for sacks, bags and gardening, fell 2.5% in the last four weeks and weakened 8.6% y/y. Cotton prices weakened 0.5% in four weeks (-24.1% y/y).

Crude Oil & Benzene group prices fell 0.9% during the last four weeks but have risen 1.4% y/y. The cost of West Texas crude oil eased 0.6% to $88.31 per barrel, up 7.6% y/y. Prices for the petro-chemical benzene fell 3.3% in four weeks and were down 6.9% y/y. The FIBER price index excluding crude oil fell 1.6% during the last four weeks and was 12.6% lower 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.

close
large image