The backdrop. A fibre price that has doubled while this has also doubled has not really moved, and reading one without the other invites exactly that mistake.
193 Index, 2016 = 100 ↓ 0.73%
Settled 2026-07-01
Against a week ago (2026-02-01): ↑ 4.86%
Against a month ago (2024-09-01): ↑ 19.78%
Against a quarter ago (2021-02-01): ↑ 40.03%
415 observations held, 1992-01-01 to 2026-07-01.
Where these figures come from
- All commodities index (monthly) — International Monetary Fund via FRED, PALLFNFINDEXM, observed 2026-07-01. the day's published table
Read this first. These are settlement prices from the Zhengzhou Commodity Exchange — the Chinese domestic market, in yuan per tonne, for a dated futures contract. They are not Cotlook A, not a world price, and not what a trader paid for a bale this morning. They are carried because China spins more than anywhere else, so the direction is the market’s direction even where the level is not.