Westpac’s broadest commodities Index (the Westpac Export Price Index) describes an overall soft month for commodities, having fallen just under 5% since our February report. As is often the case, there has been volatility in individual commodity prices with the most significant being the 23% fall in Newcastle thermal coal prices to US$194/t. Meanwhile, hard coking coal has managed to hold on to most of its recent gains, falling around 3% to US$330/t, while iron ore has firmed on the reopening of China to be up almost 2% in the month. By contrast, crude oil prices have been flat in the month while the JKL futures ... (full story)