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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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