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


NZ commodity prices rise for 6th straight month

NZ commodity prices rise for 6th straight month, but fall in kiwi dollar terms

Feb. 4 (BusinessDesk) - New Zealand commodity prices rose for a sixth straight month in January led by increasing pelt prices, though the strength of the kiwi dollar ate into the benefits for local producers.

The ANZ Commodity Price Index rose 0.3 percent last month to a 10-month high 272.6. In local currency terms, the index fell 0.5 percent to 177.2, its second monthly decline. The price of pelts climbed 5 percent to a 12-month high, followed by a 3 percent gain in log prices and a 2 percent increase in skim milk powder prices.

Butter and casein prices advanced 1 percent, while wool and timber prices increased a quarter of a percentage point. Prices for seafood, wood pulp, fruit, cheese and whole milk powder were unchanged.

"The New Zealand dollar commodity price index has remained in a relatively tight range over the past five months," economist Steve Edwards said in his commentary.

"The NZD price of beef, dairy and aluminium hasn't fluctuated very much over this period, but the NZD price of logs, lamb and seafood exports have slipped to their lowest in at least three years," he said.

The kiwi dollar rose as high as 76.46 on a trade-weighted basis, the highest level since mid-2007, and recently traded at 76.17.

China and the US showed the biggest increase in demand for New Zealand exports in the 2012 calendar year, with gains of $975 million and $245 million respectively. China increased its annual purchases of New Zealand sheepmeat by $151 million to $424 million and of milk powder by $337 million to $2.09 billion, according to ANZ figures. The US ramped up its imports of New Zealand beef by an annual $113 million to $911 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news