Commodity prices continue to rise

JAMES WEIR
Last updated 14:04 04/03/2014

Relevant offers

Dairy

Dairy fund banks on capital gain Taranaki dairying doubts over 'best asset' Sharemilker hospitalised after mixing wrong chemicals Dairy giant's funding fix Eco-responsibility makes good sense Living by a lake makes them feel privileged Gran cheesed off with red tape Confident about their farming future Top tips from best in business Tail-breaking farmer sentenced

World commodity prices are up again, rising 0.9 per cent in February to touch a new high for New Zealand's key exports.

The latest lift carries on a trend of rising commodity prices that have raised New Zealand's terms of trade to a 40-year high, ANZ Bank said, a key support for the economy.

With the New Zealand dollar steady in the month, the New Zealand dollar index for commodity prices was also up 0.9 per cent in February, with an annual gain of 24.4 per cent.

The ANZ commodity price index showed that in world price terms, cheese and butter led the way in February, up 7 per cent and 6 per cent, respectively.

The price of logs, skim milk powder, beef and animal pelts were all up 2 per cent in the month.

The increase in cheese prices pushed that price series to a six-year high, while butter is at a 2-1/2-year high. Casein is at a five-year high, while sheepmeat is at its best for 22 months.

Log prices are now at a 20-year high in world price terms.

On the other side of the ledger, the price of wool dipped 3 per cent in February to a six-month low.

Aluminium was down 2 per cent to a 4-1/2-year low.

There was a tiny drop in whole milk prices, down 0.5 per cent, and seafood also slid a bit. Prices were flat for wood pulp, kiwifruit, apples and venison.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content