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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Sunday Business with Andrew Patterson
- Listen to the week’s top business news on NBR Radio’s week in review
- Tim Hunter asks: Is the government planning to hand control of water to iwi?
- Matthew Hooton on Winston Peters’ plan to become prime minister
- Rodney Hide on the technological development and economic advance in transport