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

 


NZ commodity prices fall 0.9% in June

NZ commodity prices fall 0.9% in June, fourth straight drop, led by apples

By Jonathan Underhill

July 2 (BusinessDesk) - New Zealand commodity prices fell for a fourth straight month in June, led by apples, logs, whole and skim milk powder.

The ANZ Commodity Price Index declined 0.9 percent last month and is now 6.7 percent below its February peak. Prices of apples declined 6 percent, reflecting the impact of the Northern Hemisphere export season, log prices fell 5 percent and whole and skim milk powder declined 3 percent.

Prices of pelts and butter dropped 2 percent while sawn timber and casein both fell about 0.25 percent.

The release of the monthly index comes after the latest GlobalDairyTrade auction overnight, which saw dairy product prices fall to the lowest level since January 2013, paced by a drop in butter and anhydrous milk fat. The GDT price index fell 4.9 percent in the ninth slide in 10 auctions. Volume of product sold rose to 41,513 tonnes from 31,984 tonnes two weeks ago.

On the ANZ index, aluminium prices climbed 5 percent in June from May, while prices of kiwifruit and wool gained 3 percent, beef gained 2 percent and cheese and lamb both rose 0.5 percent. Seafood, wood pulp and venison were unchanged in the month.

The ANZ NZD Commodity Price Index, which shows the price movements in New Zealand dollars, fell 1.1 percent, as the kiwi strengthened over the month. The NZ dollar index is now 13.6 percent below its March 2011 peak.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news