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 0.7167 0.0000 0.00%
AUD 0.9558 0.0000 0.00%
EUR 0.6432 0.0000 0.00%
GBP 0.5398 0.0000 0.00%
HKD 5.5636 0.0000 0.00%
JPY 73.4440 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1339.0 17.480 2016-07-01T00:
Oil Brent 50.9 1.180 2016-07-01T00:
Oil Nymex 49.0 0.750 2016-07-01T00:
Silver Index 19.6 0.967 2016-07-01T00:

Indices

Symbol Open High Last %
NZX 50 6897.5 6932.1 6897.5 0.42%
NASDAQ 4837.2 4880.2 4842.7 0.41%
DAX 9742.8 9806.5 9680.1 0.99%
DJI 17924.2 18002.4 17930.0 0.11%
FTSE 6504.3 6587.4 6504.3 1.13%
HKSE 20736.8 20828.0 20436.1 1.75%
NI225 15698.0 15765.0 15575.9 0.68%
ASX 5233.4 5278.9 5233.4 0.25%