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NZ commodity prices post fourth month of gains, rising 1 percent

Tuesday 4th December 2012

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New Zealand commodity prices rose for a fourth straight month in November, led by pelts, beef and wood pulp. Lamb prices fell to a 31-month low.

The ANZ Commodity Price Index rose 1 percent last month with 10 commodity prices gaining, four declining and three unchanged.

A firmer New Zealand dollar meant the gain in the ANZ NZD Commodity price Index was a slightly lower 0.9 percent.

"The increase in NZD commodity prices is an encouraging development, and if sustained looks set to contribute to a lift in the goods terms of trade over 2013," said ANZ economist Steve Edwards.

Pelts jumped 6 percent in November, reversing the previous month's decline. Beef rose 4 percent to its highest level since March and wood pulp rose 3 percent. Wool and whole milk powder rose 2 percent.

Lumber, cheese, logs, casein and seafood all rose less than 1 percent, though cheese reached an eight-month high. Lamb fell to a 31-month low and venison declined to a 22-month low.

Prices for butter, apples and kiwifruit were unchanged.

BusinessDesk.co.nz

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