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 0.7164 0.0002 0.03%
AUD 0.9319 -0.0012 -0.13%
EUR 0.6813 0.0019 0.28%
GBP 0.5747 0.0010 0.17%
HKD 5.5588 0.0005 0.01%
JPY 81.0540 -0.3630 -0.45%

Commods

Commodity Price Change Time
Gold Index 1238.9 0.850 2017-02-21T00:
Oil Brent 56.8 0.860 2017-02-21T00:
Oil Nymex 54.3 0.940 2017-02-21T00:
Silver Index 18.0 -0.030 2017-02-21T00:

Indices

Symbol Open High Last %
NZX 50 7115.7 7115.7 7115.7 -0.75%
NASDAQ 5857.6 5861.1 5865.9 -0.11%
DAX 11989.7 12031.1 11967.5 0.21%
DJI 20715.4 20740.7 20743.0 -0.01%
FTSE 7274.8 7303.6 7274.8 0.19%
HKSE 24059.1 24202.0 23963.6 0.99%
NI225 19419.2 19419.2 19381.4 -0.01%
ASX 5791.0 5805.1 5791.0 0.24%