Wednesday 2nd May 2012
|Text too small?|
New Zealand commodity prices fell to an 18 month low in April, led by a decline in the price of sheep meat.
The ANZ Commodity Price Index slipped 4.5 percent to 267.5 in April, to the lowest since December 2009, in what was the biggest monthly drop since February of the same year when the world was in the grips of the global financial crisis.
In New Zealand dollar terms, the index fell 4 percent to 178.3.
Twelve of the commodities fell, two rose and three remained unchanged. The biggest fall across the commodity basket was in the price of sheep meat down 12 percent to an 18-month low, while wool prices dropped 9 percent to a 16-month low.
All of the dairy components eased, led by a 7 percent fall in the price of cheese. Milk powder dropped 6 percent and butter prices decreased 5 percent.
"As a consequence of the global financial crisis and some fringe dairy exporting nations gradually increasing production, global dairy prices fell back sharply," ANZ economist Steve Edwards said in his report. "Dairy prices have slipped again following weaker demand from China and increased production internationally."
Fonterra Cooperative Group's online dairy auction site, GlobalDairyTrade, attracted its lowest average winning price since August 2009 as international demand for dairy at any price dwindles.
The ANZ series showed the only commodities to record a price increase last month were wood pulp up 4 percent and pelts up 5 percent.
The price for apples, venison and sawn timber was unchanged.
No comments yet
Senior Trust Retirement Village Listed Fund (NZX: SRF)
SkyCity Entertainment Group Limited (NZX: SKC) Change in Senior Managers
Fonterra Shareholders' Fund (NZX: FSF) Communication to Fonterra Farmers
Vector Limited (NZX: VCT) Operational Performance for the 6 Months Ended 31 December
Chorus Limited (NZX: CNU) Q2 FY21 Connections Update
Genesis Energy Limited (NZX: GNE) FY21 Q2 Performance Report
Synlait Milk Limited (NZX: SML) Increases Forecast Milk Price to $7.20 kgMS
Auckland International Airport Limited (NZX: AIA) November 2020 Monthly Traffic Update December 2020 Preview
Solution Dynamics Limited (NZX: SDL) CEO Update
Steel & Tube Holdings Limited (NZX: STU) Appoints CFO