NZ commodity prices post fourth month of gains, rising 1%
Dec. 4 (BusinessDesk) – New Zealand commodity prices rose for a fourth straight month in November, led by pelts, beef and wood pulp. Lamb prices fell to a 31-month low.
The ANZ Commodity Price Index rose 1 percent last month with 10 commodity prices gaining, four declining and three unchanged.
A firmer New Zealand dollar meant the gain in the ANZ NZD Commodity price Index was a slightly lower 0.9 percent.
“The increase in NZD commodity prices is an encouraging development, and if sustained looks set to contribute to a lift in the goods terms of trade over 2013,” said ANZ economist Steve Edwards.
Pelts jumped 6 percent in November, reversing the previous month’s decline. Beef rose 4 percent to its highest level since March and wood pulp rose 3 percent. Wool and whole milk powder rose 2 percent.
Lumber, cheese, logs, casein and seafood all rose less than 1 percent, though cheese reached an eight-month high. Lamb fell to a 31-month low and venison declined to a 22-month low.
Prices for butter, apples and kiwifruit were unchanged.