Tuesday 4th November 2008
|Text too small?|
The commodity export price index fell 7.4% in October from the previous month to an 18 month low, ANZ National Bank said. Beef prices slumped 17.7%, skins dropped 16%, aluminium declined 16% and wool slid 12.6%. prices of dairy products, New Zealand's largest export, fell 9.9%.
The nation's commodity prices "will not be immune to global developments,'' said Steve Edwards, economist at ANZ.
The slide in prices for commodities is coinciding with a weaker New Zealand dollar, which has so far erased much of the impact in local currency terms. The NZD Commodity Price rose 0.7% in October and is hovering near its record high. In the past three months, the kiwi dollar has dropped to about 58.80 US cents from 72.5 cents.
Exports make up about 30% of New Zealand's economy. Meat processor AFFCO Holdings rose 4.4% to 47 cents. Rural services company PGG Wrightson was unchanged at $1.75. Fishing company Sanford fell 1.7% to $5.65.
Prices for nine of 13 commodities tracked by ANZ fell, three rose and one was unchanged, ANZ Bank said. Kiwifruit had the biggest gain, rising 1.9%. Seafood rose 0.3%.
No comments yet
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report