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 0.7173 0.0054 0.76%
AUD 0.9593 0.0059 0.62%
EUR 0.6444 0.0046 0.72%
GBP 0.5395 0.0104 1.97%
HKD 5.5648 0.0417 0.76%
JPY 73.6280 0.4110 0.56%

Commods

Commodity Price Change Time
Gold Index 1320.6 2.720 2016-06-30T00:
Oil Brent 49.7 1.480 2016-06-30T00:
Oil Nymex 48.3 -1.580 2016-06-30T00:
Silver Index 18.6 0.263 2016-06-30T00:

Indices

Symbol Open High Last %
NZX 50 6897.5 6932.1 6897.5 0.42%
NASDAQ 4793.8 4843.1 4779.2 1.33%
DAX 9742.8 9783.5 9680.1 0.83%
DJI 17712.8 17930.6 17930.0 0.00%
FTSE 6504.3 6587.4 6504.3 0.82%
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%