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

 


NZ commodity prices fall for 3rd month, led by dairy

NZ commodity prices fall for third month, led by dairy products

By Jonathan Underhill

June 4 (BusinessDesk) - New Zealand commodity prices fell for a third month in May, led by dairy products in the wake of a slide in world prices this year.

The ANZ Commodity Price Index dropped 2.2 percent to 317.7 last month for an annual decline of 3.1 percent. In New Zealand dollar terms, prices fell 2.1 percent in the latest month and 6 percent in the year.

The commodity index comes after dairy product prices fell 4.2 percent in the latest GlobalDairyTrade auction overnight, the eighth straight decline, to a 16-month low. Economists say the drop in dairy prices mean the terms of trade, which reached a new 40-year high in the first quarter, is unlikely to push on to a record high any time soon.

Skim milk fell 7 percent in May, while cheese declined 6 percent and whole milk powder fell 5 percent, the commodity index shows. Butter prices dropped 2 percent.

Forestry prices also declined, with logs down 4 percent and wood pulp falling 2 percent. Aluminium declined 3 percent and casein and pelts both slipped about 0.5 percent.

Among gaining prices, wool rose 5 percent, kiwifruit rose 4 percent and apples gained 0,.5 percent. Sheepmeat rose 0.5 percent to a two-year high. Seafood, sawn timber and beef edged up about 0.25 percent, with seafood reaching a record and sawn timber at a six-year high.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news