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)

This article is tagged with the following keywords. Find out more about My Tags

2 Comments & Questions

Commenter icon key: Subscriber Verified

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

Reply
Share

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

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7838 0.0010 0.13%
AUD 0.8932 -0.0009 -0.10%
EUR 0.6199 0.0011 0.18%
GBP 0.4888 0.0005 0.10%
HKD 6.0802 0.0082 0.14%
JPY 84.7660 0.1190 0.14%

Commods

Commodity Price Change Time
Gold Index 1228.6 -12.490 2014-10-23T00:
Oil Brent 86.8 2.120 2014-10-23T00:
Oil Nymex 82.0 1.530 2014-10-23T00:
Silver Index 17.1 -0.080 2014-10-23T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5292.8 0.77%
NASDAQ 4427.4 4475.6 4382.9 1.60%
DAX 9008.6 9044.9 9047.3 -0.22%
DJI 16468.1 16767.5 16461.3 1.32%
FTSE 6419.1 6419.1 6419.1 -0.26%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%