FIBER: Industrial Commodity Prices Edge Higher
by:Tom Moeller
|in:Economy in Brief
Summary
- Metals prices strengthen.
- Crude oil prices increase.
- Lumber costs decline.
The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 0.2% (-14.0% y/y) during the four weeks ended January 13 after holding steady in the prior four weeks. The index has trended sideways since the end of September.
Prices in the metals group strengthened 2.5% (-15.4% y/y) in the last four weeks. Steel scrap costs improved 7.1% (-10.5% y/y) while tin prices rose 6.6% (-36.5% y/y). Copper scrap prices increased 4.4% in four weeks (-10.1% y/y) while lead prices improved 2.2% (-4.6% y/y). Showing weakness recently were zinc prices which fell 3.7% (-12.0% y/y) in the last four weeks and aluminum prices which eased 1.1% (-19.5% y/y).
Crude oil & benzene costs rose 2.6% (-4.0% y/y) in the last four weeks. The cost of crude oil rose 1.7% to $75.86 per barrel in four weeks but fell 6.0% y/y. The price of the petro-chemical benzene gained 10.5% (-8.8% y/y) during the last four weeks. Excluding crude oil & benzene, the industrial commodity price index edged 0.1% higher (-14.4% y/y).
Prices in the textile group rose 0.6% during the last four weeks but fell 5.8% y/y. Cotton prices gained 4.1% but fell 26.2% y/y. The cost of burlap slipped 0.1% (-9.8% /y) in the last four weeks.
The miscellaneous price index declined 3.3% (-22.9% y/y) during the last four weeks. Framing lumber prices fell 2.7% (-68.8% y/y) while natural rubber prices improved 1.3% (-4.6% 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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