Commodity prices rise 1% in December but high kiwi erases benefits

New Zealand commodity prices rose for a fifth straight month in December, led by a surge in pelt prices and gains for aluminium and beef, though a strong New Zealand dollar eroded the benefits to local producers.

The ANZ Commodity Price Index rose 1 percent in to be 7 percent up since July last year. The index is still 14 percent below its April 2011 peak.

The NZD Commodity Price Index fell 0.1 percent "as the lift in the value of the kiwi dollar was greater than the rise in international commodity prices", ANZ says.

The kiwi briefly broke above 84 US cents overnight and has advanced about 12 percent from its lows of last May. The trade-weighted index was last at 75.17, up from 70.13 a year ago, and was at a 5½-year high in December.

Prices of pelts surged 29 percent to a seven-month high in December. Aluminium gained 7 percent and beef prices rose 3 percent.

Wood pulp, cheese, timber, butter, skim milk powder and wool all rose about 1 percent and casein gained about 0.25 percent.

Prices of lamb and whole milk powder fell 1 percent, and logs and kiwifruit fell 0.5 percent. Seafood, apples and venison were unchanged in the month.

(BusinessDesk)

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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7845 0.0017 0.22%
AUD 0.8994 0.0002 0.02%
EUR 0.6203 0.0010 0.16%
GBP 0.4929 0.0003 0.06%
HKD 6.0847 0.0131 0.22%
JPY 84.0120 0.0180 0.02%

Commods

Commodity Price Change Time
Gold Index 1233.8 -1.760 2014-10-14T00:
Oil Brent 85.4 -4.470 2014-10-14T00:
Oil Nymex 81.2 -4.530 2014-10-14T00:
Silver Index 17.4 0.035 2014-10-14T00:

Indices

Symbol Open High Last %
NZX 50 5145.9 5168.7 5145.9 0.33%
NASDAQ 4246.2 4281.3 4213.6 0.32%
DAX 8765.4 8854.4 8812.4 0.15%
DJI 16321.9 16463.7 16321.1 -0.04%
FTSE 6366.2 6403.4 6366.2 0.42%
HKSE 23087.5 23230.3 23048.0 0.67%
NI225 15009.8 15044.3 14936.5 -0.13%