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

 


NZ commodity prices fall for first time in 4 months in March

NZ commodity prices fall for first time in four months in March, as cheese, milk powder decline

April 2 (BusinessDesk) – New Zealand commodity prices dropped for the first time in four months in March as cheese and milk powder declined.

The ANZ Commodity Price Index fell 0.1 percent to 337 from February. The index is 14 percent above its level of March 2013. International prices for 10 of New Zealand’s main commodities increased in the month and three fell.

The price of whole milk powder led the decline, down 6 percent, while prices for skim milk powder and cheese dropped 2 percent. Dairy product prices fell 8.9 percent in Fonterra Cooperative Group’s latest GlobalDairyTrade auction, the biggest drop in 20 months, as volumes increased.

“It is hard to say whether this trend will continue given the impact of dry conditions in parts of the North Island, with prices dependent on the supply response of overseas producers,” ANZ Bank New Zealand economist Steve Edwards said in a note. “Whether we’re at a peak will depend on the extent to which further price rises in other export commodities can be achieved.”

ANZ’s Edwards said commodity prices were nearly twice the level of the lows reached during the Global Financial Crisis in February 2009. The recovery has broadened across other commodities from an initial dairy-led improvement, he said.

Sheepmeat prices recorded the largest increase in March, lifting 9 percent from February to a two-year high, reflecting buying demand from China and the Middle East, ANZ said.

Beef prices also increased, up 6 percent to a 15-month high, reflecting strong retail demand in the US as local US supplies tightened, ANZ said.

Seafood prices lifted 1.5 percent to a new record, underpinned by a lift in mussel prices. The prices of wool, pelts, wood pulp and aluminium increased between 0.5 percent to 1 percent while logs, butter and timber prices lifted a quarter of a percent. ANZ said.

In New Zealand dollar terms, the index dropped 2.6 percent, but remains 12 percent ahead of year earlier levels.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Stats: Wind And Geothermal Emerge As Significant Sources Of Energy

Geothermal’s contribution to New Zealand’s total renewable energy generation increased from 11.5 percent in 2007 to 21 percent in 2015.... The value of wind jumped from $238 million (2 percent of total renewable energy generation) in 2007 to $884 million (6 percent) in 2015. More>>

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news