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 0.7740 -0.0003 -0.04%
AUD 0.9511 0.0005 0.05%
EUR 0.6324 -0.0002 -0.03%
GBP 0.4954 0.0001 0.02%
HKD 6.0039 0.0001 0.00%
JPY 92.5100 -0.0050 -0.01%

Commods

Commodity Price Change Time
Gold Index 1195.4 -2.890 2014-12-19T00:
Oil Brent 61.4 1.580 2014-12-19T00:
Oil Nymex 57.1 2.910 2014-12-19T00:
Silver Index 16.0 0.096 2014-12-19T00:

Indices

Symbol Open High Last %
NZX 50 5518.5 5545.0 5539.3 -0.21%
NASDAQ 4752.6 4782.1 4748.4 0.36%
DAX 9901.3 9901.3 9811.1 -0.25%
DJI 17778.0 17874.0 17778.2 0.15%
FTSE 6466.0 6566.9 6466.0 1.23%
HKSE 23158.3 23189.6 22832.2 1.25%
NI225 17511.0 17621.4 17210.0 2.39%