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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news