Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ commodity prices fall to 18-month low in April

NZ commodity prices fall to 18-month low in April

By Hannah Lynch

May 2 (BusinessDesk) - New Zealand commodity prices fell to an 18 month low in April, led by a decline in the price of sheep meat.

The ANZ Commodity Price Index slipped 4.5 percent to 267.5 in April, to the lowest since December 2009, in what was the biggest monthly drop since February of the same year when the world was in the grips of the global financial crisis. In New Zealand dollar terms, the index fell 4 percent to 178.3.

Twelve of the commodities fell, two rose and three remained unchanged. The biggest fall across the commodity basket was in the price of sheep meat down 12 percent to an 18-month low, while wool prices dropped 9 percent to a 16-month low.

All of the dairy components eased, led by a 7 percent fall in the price of cheese. Milk powder dropped 6 percent and butter prices decreased 5 percent.

"As a consequence of the global financial crisis and some fringe dairy exporting nations gradually increasing production, global dairy prices fell back sharply," ANZ economist Steve Edwards said in his report. "Dairy prices have slipped again following weaker demand from China and increased production internationally."

Fonterra Cooperative Group's online dairy auction site, GlobalDairyTrade, attracted its lowest average winning price since August 2009 as international demand for dairy at any price dwindles.

The ANZ series showed the only commodities to record a price increase last month were wood pulp up 4 percent and pelts up 5 percent.

The price for apples, venison and sawn timber was unchanged.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news