Itaú BBA - ICI Commodities

Our Economic Series

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ICI Commodities

August 14, 2019

The ICI is an index composed of average international prices for the main commodities, weighted according to their global production.

We have revised the series for the ICI and its sub-indexes (in August 2013) to make them more consistent with the global macro scenario. The international monthly averageprices for 16 commodities (in USD, first maturity in the futures markets) are weighted according to each one’s global production value. The commodities are divided into three groups:

• Agriculture: wheat, corn, soybeans, sugar, cotton, coffee and cocoa

• Metals: iron ore, copper, aluminum, nickel, zinc, lead and tin

• Energy: crude oil and natural gas


Our biggest changes were increased weightings for iron ore and copper, which lifted the correlation between the index and GDP growth in emerging countries (especially China) and reduced the impact of metals of lower relative importance (in terms of global production value), such as zinc. The inclusion of iron ore is an advantage over other commodity price indexes.

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