Cheese the toast of latest record NZ commodity prices

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

New Zealand commodity prices rose to a record in February, as cheese prices surged to a six-year high.

The ANZ Commodity Price Index advanced 0.9 percent to 337.4 from January. The index is 22.4 percent above February 2013. International prices for nine of New Zealand's main commodities increased in the month, four fell and four were unchanged.

Cheese led the gains, up 7 percent from January, paced by butter lifting 6 percent in the month. Casein rose 1 percent to reach a five-year high, while log prices increased 2 percent to a 20-year high, said ANZ.

The record commodity prices coincide with yesterday's terms of trade, which measure the quantity of imports the country can buy with a set amount of exports. The terms of trade gained 2.3 percent in the fourth quarter, to the highest level since December 1973. The gains were made on growth in dairy exports.

Wool slipped 3 percent to a six month low, while aluminium was down 2 percent, to a four and a half year low. Whole milk powder fell 0.5 percent and seafood posted slightly weaker prices.

Wood pulp, kiwifruit, apples and venison prices were unchanged.

In New Zealand dollar terms the index lifted 0.9 percent from January, keeping the annual gain at 24 percent.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7175 -0.0065 -0.90%
AUD 0.9375 0.0010 0.11%
EUR 0.6547 -0.0099 -1.49%
GBP 0.4685 -0.0031 -0.66%
HKD 5.5641 -0.0519 -0.92%
JPY 88.8810 -0.6990 -0.78%

Commods

Commodity Price Change Time
Gold Index 1188.0 2.350 2015-05-28T00:
Oil Brent 63.2 0.500 2015-05-28T00:
Oil Nymex 57.7 0.110 2015-05-28T00:
Silver Index 16.6 0.020 2015-05-28T00:

Indices

Symbol Open High Last %
NZX 50 5777.6 5791.2 5777.6 0.21%
NASDAQ 5096.3 5106.6 5106.6 -0.17%
DAX 11716.1 11773.8 11771.1 -0.79%
DJI 18154.1 18154.1 18163.0 -0.20%
FTSE 7033.3 7049.6 7033.3 0.11%
HKSE 28162.2 28162.2 28081.2 -2.23%
NI225 20590.3 20655.3 20472.6 0.39%