NZ commodity prices rise for third month, closing in on record high
New Zealand commodity prices rose for a third month, edging closer to the record set in April, led by a jump in the price of wool to an 18-month high.
The ANZ Commodity Price Index rose 0.9 percent in September to 323.2 for an annual increase of 23 percent. In April the index reached 333.5.
Nine of the 17 commodities tracked rose last month, five fell and three were unchanged. Wool rose 13 percent, while prices for beef, pelts and whole milk powder gained 2 percent. Prices of apples, sheepmeat, casein and cheese rose 1 percent, and sawn timber edged up 0.3 percent to the highest level since October 2007.
Aluminium fell 3 percent to a four-year low. Butter, logs, skim milk powder and kiwifruit all fell 1 percent. Seafood, wood pulp and venison were unchanged.
Local producers didn't necessarily feel the benefits of price gains because the trade-weighted index climbed 2 percent in the month. That saw the ANZ NZD Commodity Price Index fall 1.1 percent, although the index is still up 24 percent in the year.