Tuesday 5th May 2009 |
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New Zealand commodity prices posted their strongest monthly gains in almost two years, led by increases for aluminium and lamb.
ANZ Commodity Price Index rose 2.5% in April, the second straight monthly gain. It follows a 1% rise in March.
Consecutive rises were recorded in the prices of wool, beef, sheep meat, dairy and aluminium. Aluminium rose 6.6% and lamb gained 6.4%. Beef prices rose 3.2%, venison 1.6%, dairy 3.1%, and skin and wool rose 2.3% and 1.3% respectively.
Apple prices fell. The fruit is being sold at prices 4.2% lower than last season’s closing prices. Seafood fell 2.9% and logs dropped 2%.
“Sheep meat prices have bucked the general trend of weakening commodity prices and have risen steadily over the past two years – and currently sit at a record high,” said ANZ economist Steve Edwards.
This reflects a global tightening in the global supply of sheep meat, he said.
In the year to June 2008, NZ sheep meat exports totalled $2.5 billion, making up 6 per cent of New Zealand’s total merchandise trade, he said.
The kiwi dollar rose against all its major trading partners last month, up 5.5% on a trade-weighted basis and 7.4% against the US dollar. Because the strength of the kiwi dollar was greater than the rise in world commodity prices, the NZ dollar index dropped 2.8%.
Businesswire.co.nz
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