The Reserve Bank of Australia's (RBA) index of commodity prices edged up 0.9 per cent in July, from June, to a fresh all-time high as rising prices for gold and thermal coal augured well for export earnings. That followed an upwardly revised increase of 1.7 per cent in June. The index was up 28 per cent in special drawing right (SDR) terms, compared to July last year, thanks mainly to increases in iron ore, coking coal and thermal coal export prices.
"The largest contributors to the rise in July were increases in the price of gold and the estimated export price of thermal coal," the RBA said in a note with the data released on Tuesday.
"Prices for most of the base metals also rose, while wheat and cotton prices fell."
The index reading of 151.1 far surpassed the 2008 peak of 119.5.
In Australian dollar terms, the index dipped by 0.9 per cent in July as the currency rose even faster. The index was still up 10 per cent on the year in local dollar terms.
In US dollar terms, the index also hit a record high, having climbed 0.6 per cent from June.
The largest contributors to the rise in July were increases in the price of gold and the estimated export price of thermal coal. Prices for most of the base metals also rose, while wheat and cotton prices fell.
