Thursday, July 7, 2022

NZ commodity prices rise 1% in December, high kiwi erases benefits

New Zealand commodity prices rose for a fifth straight month in December, led by a surge in pelt prices and gains for aluminium and beef, though a strong New Zealand dollar eroded the benefits to local producers.

The ANZ Commodity Price Index rose 1% in to be 7% up since July last year. The index is still 14% below its April 2011 peak. The NZD Commodity Price Index fell 0.1% “as the lift in the value of the kiwi dollar was greater than the rise in international commodity prices,” ANZ said.

The New Zealand dollar briefly broke above 84 US cents overnight and has advanced about 12% from its lows last May. The trade-weighted index was last at 75.17, up from 70.13 a year ago, and was at a 5 ½-year high in December.

Prices of pelts surged 29% to a seven-month high in December. Aluminium gained 7% and beef prices rose 3%. Wood pulp, cheese, timber, butter, skim milk powder and wool all rose about 1 percent and casein gained about 0.25%.

Prices of lamb and whole milk powder fell 1%, and logs and kiwifruit fell 0.5%. Seafood, apples and venison were unchanged in the month.

© BusinessDesk 2013

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