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 0.7174 -0.0006 -0.08%
AUD 0.9343 -0.0020 -0.21%
EUR 0.6757 0.0001 0.01%
GBP 0.5777 0.0002 0.03%
HKD 5.5671 -0.0050 -0.09%
JPY 81.1440 0.0680 0.08%

Commods

Commodity Price Change Time
Gold Index 1234.8 -4.300 2017-02-17T00:
Oil Brent 56.1 0.140 2017-02-17T00:
Oil Nymex 53.8 0.020 2017-02-17T00:
Silver Index 18.0 -0.040 2017-02-17T00:

Indices

Symbol Open High Last %
NZX 50 7093.5 7108.8 7093.5 0.08%
NASDAQ 5807.3 5838.6 5814.9 0.41%
DAX 11831.7 11839.9 11757.0 0.59%
DJI 20564.1 20624.0 20619.8 0.02%
FTSE 7300.0 7329.6 7300.0 0.06%
HKSE 24066.0 24202.3 24033.7 0.47%
NI225 19161.3 19274.8 19234.6 0.09%
ASX 5805.8 5810.1 5805.8 -0.18%