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


NZ commodity prices continue to fall in October

NZ commodity prices continue to fall in October as trade worries weigh

By Rebecca Howard

Nov. 5 (BusinessDesk) - New Zealand commodity prices fell for a fifth month in October, the ANZ's monthly commodity price index shows.

"The softening in the New Zealand dollar during October wasn’t sufficient to offset weak global sentiment prevailing in commodity markets," ANZ said. "Trade disruption has dented confidence in NZ’s main export markets, with the impact on China of particular concern, given our exposure to this market."

The index fell 2.4 percent in October and is now down an annual 5.6 percent, the largest annual decline since mid-2016,. The weaker New Zealand dollar saw the index fall just 1.6 percent in October on a currency-weighted basis, and on that basis is up 1.6 percent from a year earlier.

Dairy prices fell 3.1 percent last month and are down 12.3 percent on the year, hitting their lowest level since September 2016. Lower prices were recorded for milk powders, cheese and milkfat products. Whole milk powder prices softened 3.3 percent during the month as seasonal supply put downward pressure on prices.

The meat and fibre index fell 2 percent on the month and was down 4.3 percent year-on-year, ANZ said. Beef prices fell 4.2 percent on the month and 14.5 percent year-on-year, as demand from the US for New Zealand beef remains weak – a trend that will only be accentuated by the seasonal lift in supply now occurring. Lamb prices continue to benefit from limited supply, which is helping to keep in-market prices high.

The horticulture index fell 4.3 percent from September and was down 4.5 percent year-on-year. Apple prices fell 15.2 percent on the month while kiwfruit was up 0.8 percent.

Forestry prices fell 1.5 percent month on month but prices are still 6.1 percent higher than a year ago. Aluminium prices lifted 0.3 percent versus September but were down 4.4 percent on the year with tit-for-tat trade retaliation between China and the US continuing to disrupt the flow of scrap aluminium from the US to China and product back to the US, ANZ said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>


Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>


Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Stats NZ: Annual Goods Trade Surplus At 28-Year High

New Zealand’s annual goods trade surplus reached a 28-year high of $2.2 billion as imports tumbled in the year ended October 2020, Stats NZ said today. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower ... More>>

ComCom: How Real Is That Bargain?

The Commerce Commission urges retailers and consumers to think hard about the bargains being offered as ‘Black Friday’ and Christmas draw near. Black Friday has now overtaken Boxing Day in terms of retail spending, according to data from electronic ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>