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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news