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 0.7019 -0.0025 -0.35%
AUD 0.9418 0.0022 0.23%
EUR 0.6259 -0.0013 -0.21%
GBP 0.5426 -0.0003 -0.06%
HKD 5.4685 -0.0178 -0.32%
JPY 78.4570 -0.1210 -0.15%

Commods

Commodity Price Change Time
Gold Index 1256.4 -2.470 2017-05-25T00:
Oil Brent 51.8 -2.520 2017-05-25T00:
Oil Nymex 48.9 -2.480 2017-05-25T00:
Silver Index 17.2 0.070 2017-05-25T00:

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Symbol Open High Last %
NZX 50 7434.5 7436.0 7434.5 -0.02%
NASDAQ 6183.0 6217.3 6163.0 0.69%
DAX 12693.8 12697.7 12642.9 -0.17%
DJI 21063.0 21112.3 21012.4 0.34%
FTSE 7514.9 7529.7 7514.9 0.04%
HKSE 25671.0 25724.4 25630.8 0.01%
NI225 19798.5 19801.6 19813.1 -0.26%
ASX 5789.6 5789.6 5789.6 -0.70%