NZ commodity prices rise for second month, led by aluminium

NZ commodity prices rise for second month, led by aluminium, skim milk powder

Sept. 3 (BusinessDesk) - New Zealand commodity prices rose for a second month in August, led by aluminium, as global prices rose from a four-year low, and skim milk powder.

The ANZ Commodity Price Index rose 0.7 percent to 320.2 last month, edging back toward its April record of 333.5, following a 0.6 percent gain in July. In New Zealand dollar terms, the index rose 0.7 percent to 218.6 and has gained 29 percent from a year earlier.

Of the 17 commodities tracked, 11 increased, four fell and two were unchanged. Aluminium and skim milk powder both rose 3 percent, while whole milk powder gained 2 percent.

Prices of beef, cheese and casein rose 1 percent, while apples, sawn timber and kiwifruit all rose about 0.5 percent. Seafood and sheepmeat prices were up 0.25 percent.

The price of butter and pelts declined 2 percent last month, while wool and log prices fell 1 percent. Wood pulp and venison were unchanged on the month.

The report comes before Wednesday’s GlobalDairyTrade auction.

(BusinessDesk)

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