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 0.6639 0.0040 0.61%
AUD 0.9036 -0.0015 -0.17%
EUR 0.5993 -0.0041 -0.68%
GBP 0.4248 0.0018 0.43%
HKD 5.1472 0.0311 0.61%
JPY 82.1810 0.2820 0.34%

Commods

Commodity Price Change Time
Gold Index 1088.6 -4.010 2015-07-30T00:
Oil Brent 53.3 -0.070 2015-07-30T00:
Oil Nymex 48.5 -0.250 2015-07-30T00:
Silver Index 14.7 -0.040 2015-07-30T00:

Indices

Symbol Open High Last %
NZX 50 5891.9 5937.6 5891.9 0.49%
NASDAQ 5148.2 5155.0 5128.8 0.30%
DAX 11271.3 11298.1 11257.1 0.23%
DJI 17755.9 17783.6 17746.0 -0.01%
FTSE 6668.9 6703.2 6668.9 0.36%
HKSE 24650.9 24661.2 24498.0 0.56%
NI225 20506.5 20585.2 20522.8 0.30%