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 0.7059 0.0009 0.13%
AUD 0.9486 0.0017 0.18%
EUR 0.6318 0.0009 0.14%
GBP 0.5498 -0.0004 -0.07%
HKD 5.5007 0.0075 0.14%
JPY 78.5680 0.1210 0.15%

Commods

Commodity Price Change Time
Gold Index 1266.7 11.460 2017-05-26T00:
Oil Brent 52.5 0.720 2017-05-26T00:
Oil Nymex 49.8 0.910 2017-05-26T00:
Silver Index 17.3 0.130 2017-05-26T00:

Indices

Symbol Open High Last %
NZX 50 7441.6 7441.6 7441.6 -0.39%
NASDAQ 6207.0 6211.5 6205.2 0.08%
DAX 12588.8 12633.4 12602.2 0.21%
DJI 21070.2 21092.8 21083.0 -0.01%
FTSE 7517.7 7554.2 7517.7 0.40%
HKSE 25672.4 25744.7 25639.3 0.24%
NI225 19697.2 19736.6 19686.8 -0.02%
ASX 5751.2 5758.2 5751.7 -0.78%