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.

(BusinessDesk

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

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