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 0.6617 0.0000 0.00%
AUD 0.9312 0.0000 0.00%
EUR 0.5883 0.0000 0.00%
GBP 0.4560 0.0000 0.00%
HKD 5.1599 0.0000 0.00%
JPY 74.9170 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1237.4 -9.140 2016-02-12T00:
Oil Brent 34.0 -0.490 2016-02-12T00:
Oil Nymex 31.9 3.190 2016-02-12T00:
Silver Index 15.8 0.000 2016-02-12T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -0.89%
NASDAQ 4307.3 4340.1 4266.8 1.66%
DAX 8854.4 8967.5 8752.9 2.45%
DJI 15691.6 15974.0 15660.2 2.00%
FTSE 5537.0 5707.6 5537.0 3.08%
HKSE 18278.8 18482.3 18545.8 -1.22%
NI225 15426.3 15437.2 15713.4 -4.84%