World prices for New Zealand's export commodities have fallen for the second month in a row.
ANZ's commodity index fell 0.8 per cent last month as widespread declines were only partially offset by higher prices for apples, wood pulp and venison.
But before the last two months' consolidation world prices for New
Zealand's export commodities had been rising since the middle of last year and the index is still 4.1 per cent higher than a year ago.
In New Zealand dollar terms the decline was only 0.4 per cent, as the currency retraced a little of its earlier gains.
But that still leaves prices 14 per cent lower than a year ago and 29 per cent below their peak two years ago.
Apple prices rose 14 per cent last month as early season fruit reached the key European market where stocks were low after poor harvests in Europe and the United States last year.
Wood pulp prices climbed 7.7 per cent, on top of rises of 13 per cent in March and 9.5 per cent in February.
"While a tight market has given producers pricing power, gains from here are expected to be modest as buyers are being squeezed from both ends: rising pulp and energy costs on the one hand but paper prices that have generally been failing on the other," the ANZ said.
Beef prices fell 5.7 per cent, reflecting sluggish demand and increased domestic supply in the key US market.
Aluminium prices fell 4 per cent as weak demand in a fragile world economy outweighed supply concerns.
