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


NZ commodity prices rise 3.5% in September

NZ commodity prices rise 3.5% in September, led by milk, aluminium

By Hannah Lynch

Oct. 2 (BusinessDesk) - New Zealand commodity prices rose for a second month in September, in the strongest monthly gain in a year-and-a-half, led by skim milk powder and aluminium.

The ANZ commodity price index rose 3.5 percent last month, about 14 percent weaker than the same month a year ago. Excluding dairy prices the index rose 0.5 percent.

The largest increase was shared by skim milk powder and aluminium, both up 11 percent, followed by butter and whole milk powder up 8 percent, wool and apple prices gaining 6 percent, cheese climbing 5 percent, venison up 2 percent and logs and beef rising 0.5 percent.

The price of pelts bucked the trend falling 10 percent, with casein and kiwifruit prices down 2 percent. Lamb prices eased 1 percent.

In New Zealand dollar terms, the commodity price index rose for the first month in nine, up 3 percent.

The strong kiwi dollar has damped the potential returns for local exporters, recently trading near its recent six month high of 82.81 US cents.

Last week, Fonterra Cooperative Group, the world’s largest exporter of dairy products, missed its forecast with a 19 percent drop to $6.40 in its 2012 payout to farmers, reflecting lower prices for milk and a stronger kiwi dollar, and in spite of record production.

The survey comes ahead of Fonterra's fortnightly GlobalDairyTrade auction on Tuesday in the US. Dairy prices rose 6 percent to the highest level since early April at the last auction in their third straight gain, with increases for all eight products on offer.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news