NZ commodity prices rise 1.3% in October, led by wool
NZ commodity prices rise 1.3% in October, led by wool, cheese
Nov 2 (BusinessDesk) – New Zealand commodity prices rose for the third straight month in October, led by gains in wool and dairy products while aluminium fell.
The ANZ Commodity Price Index rose 1.3 percent last month with 12 commodity prices gaining two declining and three unchanged.
A slightly firmer New Zealand dollar meant the gain in the ANZ NZD Commodity price Index was a slightly lower 1 1 percent.
Wool prices rose 5 percent, the second monthly gain following declines in 11 of the preceding 12 months. Cheese rose 4 percent while butter and milk powders rose 3 percent.
Kiwifruit rose 2 percent and apples gained 1 percent, firming “into the tail of the Northern hemisphere export season. Log prices gained 1 percent while venison, lamb and beef eked out small gains.
Pelts recorded the biggest decline, down6 percent last month and aluminium fell 4 percent. Seafood, wood pulp and lumber were unchanged in the month.