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

 

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

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