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 0.7188 0.0097 1.37%
AUD 0.9481 0.0043 0.46%
EUR 0.6451 0.0056 0.88%
GBP 0.5452 0.0062 1.15%
HKD 5.5895 0.0907 1.65%
JPY 73.1040 -1.1170 -1.50%

Commods

Commodity Price Change Time
Gold Index 1349.0 14.630 2016-07-29T00:
Oil Brent 43.5 -0.690 2016-07-29T00:
Oil Nymex 41.6 0.430 2016-07-29T00:
Silver Index 20.3 0.118 2016-07-29T00:

Indices

Symbol Open High Last %
NZX 50 7306.4 7357.7 7306.4 0.57%
NASDAQ 5162.1 5175.8 5155.0 0.14%
DAX 10320.8 10355.3 10274.9 0.61%
DJI 18442.5 18466.5 18456.3 -0.13%
FTSE 6721.1 6740.5 6721.1 0.05%
HKSE 22056.0 22152.8 22174.3 -1.28%
NI225 16359.7 16679.2 16476.8 0.56%
ASX 5556.6 5570.4 5556.6 0.10%