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)


2 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR 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
  • 0
  • 0

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
  • 0
  • 0

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 0.6723 -0.0026 -0.39%
AUD 0.9374 0.0020 0.21%
EUR 0.6002 -0.0022 -0.37%
GBP 0.4625 -0.0037 -0.79%
HKD 5.2220 -0.0210 -0.40%
JPY 73.6400 -0.2020 -0.27%

Commods

Commodity Price Change Time
Gold Index 1248.5 -3.360 2016-05-23T00:
Oil Brent 48.9 -0.380 2016-05-23T00:
Oil Nymex 48.1 -0.300 2016-05-23T00:
Silver Index 16.4 -0.110 2016-05-23T00:

Indices

Symbol Open High Last %
NZX 50 6907.8 6907.8 6907.8 -0.51%
NASDAQ 4771.6 4792.6 4769.6 -0.08%
DAX 9798.9 9931.8 9842.3 0.84%
DJI 17507.0 17550.7 17500.9 -0.05%
FTSE 6136.4 6183.2 6136.4 0.70%
HKSE 19828.0 19870.2 19809.0 0.11%
NI225 16605.0 16605.0 16654.6 -0.94%