Sharechat Logo

Commodity prices rise 1.8% to record in July

By Phil Boeyen, ShareChat Business News Editor

Tuesday 5th August 2008

Text too small?
New Zealand commodity prices rose to a record in July, led by gains in beef, aluminium and lamb, according to the ANZ Commodity Price Index.

The price gauge rose 1.8% last month, with eight commodities rising, one unchanged and four declining, ANZ Bank said in its report. The separate index measuring the New Zealand dollar prices of commodities gained 2.8%, also a record.

"The rapid rise in commodity prices is a good news story for New Zealand" and will help assist in rebalancing the economy away from domestic consumption, said Steve Edwards, economist at the bank.

Exports of commodities such as dairy products, meat, logs and wool dominate the nation's exports and may help provide a buffer to the economy as consumer spending slumps and demand for housing deteriorates.

In world prices, beef rose 10.5% percent in July and has gained 38% from a year earlier. Aluminium prices rose 3.8% in the latest month and lamb gained 3.3%.

Prices for sawn timber fell 4.3%, pelt prices fell 3.2% and wool declined 1.1%.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto