Raw silk

CommodityScope calculates USD-equivalent indicators for selected China domestic commodity price observations. Local-currency observations are converted using historical reference exchange rates for the corresponding publication dates. Where no rate is published on a particular date, the latest previously available reference rate is used and its actual date is recorded.

USD-equivalent values, changes over time and normalized comparisons are calculated by CommodityScope. These figures are analytical conversions, not independent CommodityScope spot price assessments, executable offers, export quotations or forecasts.

The USD-equivalent price is the local price divided by the USD/CNY reference rate on the observation date, or on the latest earlier publication date. Period changes compare the latest observation with the last observation on or before the start of the period; 1D compares it with the previous observation. Each change is split into the local price change and the currency effect; the two multiply, they are not added. A USD move with an unchanged local price is a currency effect only.

Comparison charts rebase both lines to 100 on the first date in the window on which both markets have an observation. Each line then follows its own observations and ends at its own latest date; no values are interpolated. For a weekly series, the China value at each weekly date is the latest China observation up to six days earlier.

Product specifications, source units and market bases are checked individually. Comparisons with international markets represent relative performance only; differences between domestic and FOB/CFR/CIF quotations should not be interpreted as tradable price spreads.

FX reference: European Central Bank (ECB). The USD/CNY cross is calculated from published EUR/CNY and EUR/USD reference rates. ECB reference rates are indicative, not transaction rates.