Sharechat Logo

Strong commodity prices push ANZ index to record high

Tuesday 1st February 2011

Text too small?

International prices for key New Zealand commodities strengthened further last month, pushing the ANZ Commodity Price Index to another record high.

The index gained 3.8% on the back of stronger skim milk prices, and a surge in prices for wool and beef to their highest since the series began 25 years ago.

The prices for 13 commodities rose in January, three were flat and one - animal skins - declined.

The prices of logs, kiwifruit and apples were unchanged.

The New Zealand dollar gained against major trading partners in January, eating into some of the gains in world prices, but the local currency index nevertheless managed to gain 2.3% to hit a record high.

"It remains a question of time in terms of when the income boost from surging commodity prices diffuses into the broader economy," ANZ economist Steve Edwards said.

The international index has risen 18% since last August, and has posted five consecutive strong monthly gains.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

July 3rd Morning Report
ikeGPS Chief Financial Officer Transition
TWL - TradeWindow announces strategic partnership with FTA
BLT - Patent issue settled and new 5 year agreement with BSP
July 2nd Morning Report
July 1st Morning Report
June 27th Morning Report
SDL - FY2026 Earnings Guidance
PaySauce Director resigns for US-based role with NZTE
General Capital Releases 2025 Annual Report