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 0.7821 -0.0011 -0.14%
AUD 0.9149 0.0001 0.01%
EUR 0.6268 -0.0008 -0.13%
GBP 0.4976 -0.0006 -0.12%
HKD 6.0649 -0.0081 -0.13%
JPY 92.1210 -0.1370 -0.15%

Commods

Commodity Price Change Time
Gold Index 1197.1 1.400 2014-11-25T00:
Oil Brent 80.2 1.630 2014-11-24T00:
Oil Nymex 74.1 -1.660 2014-11-25T00:
Silver Index 16.6 0.170 2014-11-25T00:

Indices

Symbol Open High Last %
NZX 50 5442.7 5465.6 5442.7 0.38%
NASDAQ 4762.4 4774.5 4754.9 0.07%
DAX 9790.0 9921.5 9785.5 0.77%
DJI 17819.1 17854.7 17817.9 -0.02%
FTSE 6729.8 6750.9 6729.8 0.02%
HKSE 23841.2 23935.1 23893.1 -0.21%
NI225 17348.0 17392.8 17407.6 -0.27%