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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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