FIBER: Industrial Commodity Price Gains Moderate
by:Tom Moeller
|in:Economy in Brief
Summary
- Crude oil & metals prices stay firm.
- Textile prices ease.
The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 1.8% (-13.5% y/y) during the four weeks ended February 10 following stronger gains during the prior three four-week periods. The index has been trending sideways since the end of September.
Crude oil & benzene costs gained 3.4% (-5.6% y/y) in the last four weeks. The cost of crude oil rose 0.5% to $76.23 per barrel in four weeks but fell 15.6% y/y. The price of the petro-chemical benzene increased 17.6% (3.3% y/y) during the last four weeks. Excluding crude oil & benzene, the industrial commodity price index rose 1.8% in four weeks (-13.3% y/y).
The miscellaneous price index rose 2.9% (-18.4% y/y) during the last four weeks. Framing lumber prices strengthened 19.3% in four weeks (-59.6% y/y) while natural rubber prices rose 5.1% (-6.5% y/y) in four weeks.
Prices in the metals group rose 1.7% (-16.9% y/y) in the last four weeks. Zinc prices were up 2.2% in four weeks (-12.1% y/y) while aluminum prices recently rose 4.5% (-22.6% y/y). The cost of scrap copper strengthened 2.0% in the last four weeks (-9.7% y/y) while steel scrap costs rose 1.6% (-16.2% y/y). Tin prices rose 5.9% (-36.3% y/y). Lead prices weakened 5.2% (-5.5% y/y) in the last four weeks.
Prices in the textile group eased 0.3% during the last four weeks but fell 7.5% y/y. Cotton prices eased 0.5% and declined 32.3% y/y. The cost of burlap eased 2.6% (-13.7% y/y) in the last 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 CMDTYdatabases.
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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