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

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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