Commodity prices post fourth month of gains, rising 1%

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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 0.6527 -0.0003 -0.05%
AUD 0.8868 0.0012 0.14%
EUR 0.6015 0.0014 0.23%
GBP 0.4190 -0.0007 -0.17%
HKD 5.0611 -0.0037 -0.07%
JPY 81.2320 0.0660 0.08%

Commods

Commodity Price Change Time
Gold Index 1090.5 1.300 2015-08-04T00:
Oil Brent 50.6 0.440 2015-08-04T00:
Oil Nymex 45.8 0.510 2015-08-04T00:
Silver Index 14.6 0.040 2015-08-04T00:

Indices

Symbol Open High Last %
NZX 50 5933.8 5951.5 5933.8 0.08%
NASDAQ 5111.0 5125.9 5115.4 -0.19%
DAX 11503.2 11603.3 11456.1 1.26%
DJI 17596.9 17635.8 17598.2 -0.27%
FTSE 6686.6 6715.1 6686.6 0.32%
HKSE 24466.3 24582.2 24406.1 0.44%
NI225 20490.2 20715.5 20520.4 0.46%