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

 


NZ commodity prices rise 1% in December

NZ commodity prices rise 1% in December, high kiwi erases benefits

Jan. 10 (BusinessDesk) – New Zealand commodity prices rose for a fifth straight month in December, led by a surge in pelt prices and gains for aluminium and beef, though a strong New Zealand dollar eroded the benefits to local producers.

The ANZ Commodity Price Index rose 1 percent in to be 7 percent up since July last year. The index is still 14 percent below its April 2011 peak. The NZD Commodity Price Index fell 0.1 percent “as the lift in the value of the kiwi dollar was greater than the rise in international commodity prices,” ANZ said.

The New Zealand dollar briefly broke above 84 US cents overnight and has advanced about 12 percent from its lows last May. The trade-weighted index was last at 75.17, up from 70.13 a year ago, and was at a 5 ½-year high in December.

Prices of pelts surged 29 percent to a seven-month high in December. Aluminium gained 7 percent and beef prices rose 3 percent. Wood pulp, cheese, timber, butter, skim milk powder and wool all rose about 1 percent and casein gained about 0.25 percent.

Prices of lamb and whole milk powder fell 1 percent, and logs and kiwifruit fell 0.5 percent. Seafood, apples and venison were unchanged in the month.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news