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

 

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Food: Govt Obesity Plan - No Tax Or Legislation

Speaking to Q+A’s Corin Dann this morning, health minister Jonathan Coleman said tackling obesity was at the top of the Government’s priority list, but there was “no evidence” a sugar tax worked, and further regulation was unnecessary. More>>

ALSO:

Treasury Docs On LVR Policy: Government Inaction Leads To Blurring Of Roles

The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. More>>

ALSO:

Final EPA Decision: Tough Bar Set For Ruataniwha Dam

Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the dam has far less of an impact on the Tukituki river." More>>

ALSO:

"Don’t Give Up":
End Of Kick-Start Hits KiwiSaver Enrolments

ANZ said new enrolments for the ANZ KiwiSaver Scheme had dropped by more than 50% since the Government announced an immediate end to the $1,000 KiwiSaver kick-start incentive in the Budget last month. More>>

ALSO:

Serious Fraud Office: Alex Swney Receives Jail Sentence

Former Chief Executive of Heart of the City Alex Swney has been sentenced to five years and seven months’ imprisonment for charges brought respectively by the Serious Fraud Office (SFO) and the Inland Revenue. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news