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 0.6613 -0.0027 -0.41%
AUD 0.9374 -0.0023 -0.24%
EUR 0.5856 -0.0028 -0.48%
GBP 0.4571 -0.0019 -0.41%
HKD 5.1515 -0.0250 -0.48%
JPY 75.7170 -0.7830 -1.02%

Commods

Commodity Price Change Time
Gold Index 1198.6 9.760 2016-02-09T00:
Oil Brent 31.0 -2.620 2016-02-09T00:
Oil Nymex 28.0 -3.670 2016-02-09T00:
Silver Index 15.4 0.020 2016-02-09T00:

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Symbol Open High Last %
NZX 50 6071.3 6088.8 6071.3 -0.85%
NASDAQ 4224.9 4329.6 4283.8 -0.35%
DAX 8938.0 8939.2 8879.4 0.58%
DJI 16005.4 16136.6 16027.0 -0.08%
FTSE 5632.2 5681.1 5632.2 -0.13%
HKSE 19287.4 19397.9 19183.1 0.55%
NI225 16127.9 16163.0 16085.4 -2.31%