The Reserve Bank of Australia Assistant Governor Christopher Kent said on late Monday evening that a slower rise in the Chinese industrial production led to a drop in commodity prices over the course of this year. He added that the industrial sector in China and Asia will have impact on commodity prices.

"Conditions in the industrial sector in China, and Asia more broadly, will have an important influence on the path of commodity prices over the near term. Beyond that, the changing nature of China's development implies that the potential for commodity prices to rise from here is somewhat limited," Kent said.

He pointed out that "the shift in demand towards services and agricultural products within China and the Asian region" is new opportunity for Australian exporters.