INDEPENDENT NEWS

NZ commodity prices fall 0.5% in July, 6th monthly decline

Published: Thu 2 Aug 2012 01:28 PM
NZ commodity prices fall 0.5% in July, in sixth monthly decline
Aug. 2 (BusinessDesk) - New Zealand commodity prices fell for the sixth straight month in July, as uncertainty over the global economy and Europe’s worsening debt crisis sapped demand for raw materials.
The ANZ Commodity Price Index fell 0.5 percent last month. Wool dropped 7 percent, bringing its decline over the past 12 months to 43 percent, prices for skins dropped 4 percent and beef and lamb fell 2 percent.
Dairy products, the nation’s biggest export commodity, mitigated the decline, rising almost 1 percent in July. That was led by a 3 percent increase in whole milk powder, while butter fell 4 percent and skim milk powder was down 1 percent. Prices were unchanged for cheese and casein. Dairy prices have tumbled 26 percent in the past 12 months.
The ANZ survey comes after the results of the latest GlobalDairyTrade sale of dairy products showed a 3.5 percent lift in prices, only the fourth sale where prices have gained this year.
Among other commodities, aluminium, pulp, kiwifruit and log prices declined 1 percent. Prices of seafood and venison were unchanged, while sawn timber rose 1 percent and apples were up 2 percent.
The NZD commodity price index fell 3.1 percent in July, reflecting a 2.2 percent rise in the trade weighted index, and has declined 15.3 percent in the past 12 months.
(BusinessDesk)

Next in Business, Science, and Tech

Sharesies Expands B2B Offering With First Acquisition
By: Sharesies
Contact Empowers Kiwis To Make Positive Changes To Their Energy Habits
By: Contact Energy
Google Cloud Report: A Deep Dive Into The Future Of Cybersecurity
By: Google Cloud
Port Of Auckland Grant A Welcome Boost For Spirit Of Adventure Programme
By: Port of Auckland
Auckland Property Investors Association Welcomes Pending Tenancy Law Changes With Caution
By: Auckland Property Investors Association
Total Greenhouse Gas Emissions Decrease 0.5 Percent In The December 2023 Quarter
By: Statistics New Zealand
View as: DESKTOP | MOBILE © Scoop Media