ANZ Commodity Index's strongest bounce in 22 years

Monday 5th October 2009

The ANZ Bank's monthly Commodity Price Index had its strongest upwards bounce in 22 years, with a 6.8% surge in prices for the month of September, thanks to a 17% increase in dairy prices, which account for almost half the index weighting.

The upswing more than cancelled out the fact that the kiwi dollar also rose strongly, with the ANZ's New Zealand dollar-denominated commodity index rising 2.4% during the month.

However, the index as a whole remains well below highs achieved in 2007 and 2008. The global price commodity index stood at 204.9 in September last year, and 209.4 in September 2007, compared with 178.3 in September 2009, albeit that this is up 20% on the recent low point seen last February.

Other significant commodity price rises, on a global prices basis, were skins, up 8.3%, sawn timber, up 7.2%, and wool, up 5.3%.

Apple prices fell 5.7% in September, aluminium was off 4% after staging a recovery in earlier momnths. Log prices were down 3%, the ANZ said.

Businesswire.co.nz

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