BMW 2006 Annual Report Download - page 14
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The Japanese yen has significantly lost in
value since mid-2005, standing at Yen157 to the
euro at the end of 2006. In view of the robust per-
formance of the Japanese economy, the end of
deflation and the fact that interest rates are again on
the rise, the Japanese currency is distinctly under-
valued.
Raw material prices: further increases over
course of 2006
Initially, oil prices continued to rise in 2006. This was
caused as much by persisting shortages in oil pro-
duction and processing capacities as by increased
demand for oil. After peaking in the summer at prices
in the region of US dollar 80 per barrel, oil prices
then decreased sharply, settling towards the year-
end, partly as a result of the slow-down in the rise
of demand, at approximately US dollar 60 per barrel.
On the steel market, the 2005 price reductions
were completely reversed. In fact, prices even
moved above the high levels seen at the beginning
of 2005.
The price of precious metals has been rising
for
several years. During the first half of 2006, the
pace of increase accelerated even faster in some
cases. Market prices dipped a little during the sum-
mer months before stabilising at a high level towards
the end of the year. Despite the slowdown of the
global economy towards the end of 2006, demand
for commodities remained strong, even as an in-
vestment.
Oil price
Price per barrel of Brent Crude
Euro
80
70
60
50
40
30
20
10
US Dollar
80
70
60
50
40
30
20
10
02 03 04 05 06
Source: Reuters
Price in US Dollar Price in Euro
Palladium Silver Gold Platinum
Precious metals price trend
(Index: 31 December 2001 = 100)
340
300
260
220
180
140
100
60
20
Source: Reuters
02 03 04 05 06
Steel price trend
(Index: January 2002 = 100)
180
170
160
150
140
130
120
110
100
Source: German Federal Statistical Agency
02 03 04 05 06
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