Commodity prices post fourth month of gains, rising 1%

New Zealand commodity prices rose for a fourth straight month in November, led by pelts, beef and wood pulp. Lamb prices fell to a 31-month low.

The ANZ Commodity Price Index rose 1% last month, with 10 commodity prices gaining, four declining and three unchanged.

A firmer New Zealand dollar meant the gain in the ANZ NZD Commodity Price Index was a slightly lower 0.9%.

"The increase in NZD commodity prices is an encouraging development, and if sustained looks set to contribute to a lift in the goods terms of trade over 2013," ANZ economist Steve Edwards says.

Pelts jumped 6% in November, reversing the previous month's decline. Beef rose 4% to its highest level since March and wood pulp was up 3%. Wool and whole milk powder rose 2%.

Timber, cheese, logs, casein and seafood all rose less than 1%, though cheese reached an eight-month high. Lamb fell to a 31-month low and venison declined to a 22-month low.

Prices for butter, apples and kiwifruit were unchanged.

(BusinessDesk)


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2 Comments & Questions

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Who thinks having to pay $50 for a lamb forequarter is good value?
Good to see the lamb prices dropping back to sensible levels.

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You don't have to pay $50, of course. Much cheaper alternatives are available. It's how the consumer speaks in an open economy.

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NZ Market Snapshot

Forex

Sym Price Change
USD 0.7099 0.0008 0.11%
AUD 0.9454 0.0016 0.17%
EUR 0.6392 -0.0003 -0.05%
GBP 0.5390 0.0000 0.00%
HKD 5.5070 0.0082 0.15%
JPY 73.4740 -0.7470 -1.01%

Commods

Commodity Price Change Time
Gold Index 1334.4 7.670 2016-07-28T00:
Oil Brent 44.2 0.310 2016-07-28T00:
Oil Nymex 41.1 -0.770 2016-07-28T00:
Silver Index 20.2 0.192 2016-07-28T00:

Indices

Symbol Open High Last %
NZX 50 7306.4 7357.7 7306.4 0.57%
NASDAQ 5144.8 5160.2 5139.8 0.30%
DAX 10320.8 10355.3 10274.9 0.48%
DJI 18461.0 18483.3 18472.2 -0.09%
FTSE 6721.1 6734.6 6721.1 -0.32%
HKSE 22056.0 22152.8 22174.3 -1.28%
NI225 16359.7 16679.2 16476.8 0.56%
ASX 5556.6 5570.4 5556.6 0.10%