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 0.7292 0.0013 0.18%
AUD 0.9507 -0.0023 -0.24%
EUR 0.6481 0.0012 0.19%
GBP 0.5615 0.0004 0.07%
HKD 5.6524 0.0077 0.14%
JPY 73.3320 0.2590 0.35%

Commods

Commodity Price Change Time
Gold Index 1337.3 -0.160 2016-09-26T00:
Oil Brent 47.9 1.450 2016-09-26T00:
Oil Nymex 45.9 1.400 2016-09-26T00:
Silver Index 19.6 -0.210 2016-09-26T00:

Indices

Symbol Open High Last %
NZX 50 7264.9 7265.2 7264.9 -0.52%
NASDAQ 5275.7 5282.3 5305.8 -0.91%
DAX 10555.2 10560.8 10627.0 -2.19%
DJI 18217.8 18217.8 18261.5 -0.91%
FTSE 6909.4 6909.6 6909.4 -1.32%
HKSE 23356.0 23527.0 23317.9 0.87%
NI225 16390.9 16503.8 16544.6 -0.33%
ASX 5431.4 5431.4 5431.4 -0.65%