Log prices fell by 2pc in November, according to the ANZ Commodity Price Index, which dipped 1 per cent.
Photo / Ross Setford
Log prices fell by 2pc in November, according to the ANZ Commodity Price Index, which dipped 1 per cent.
Photo / Ross Setford
New Zealand commodity prices fell for a sixth month in November, led by declines in the price of butter, cheese and aluminium.
The ANZ Commodity Price index fell 1 per cent to 284.6 last month, though a sharp fall in the New Zealand dollar meant it gained 1.2 per centin local currency terms to 201.5. The price for local raw materials has dropped more than 10 per cent from a peak in March though the overall index is 27 per cent above the 10-year average of the past decade in NZ dollar terms, and 65 per cent above the average in world price terms.
ANZ New Zealand economist Steve Edwards said 12 of the 17 commodities monitored declined, with just one recording a lift in price and four unchanged.
Butter prices dropped 6 per cent from a month earlier, while cheese and aluminium prices declined 5 per cent. Wool prices and wood pulp prices fell 4 per cent, logs and skins retreated by 2 per cent, and casein, kiwifruit, lamb, lumber and beef prices dipped 1 per cent.
The price of whole milk powder gained 4 per cent in the month, while seafood, apples, skim milk powder and venison prices were unchanged.
Earlier today, government data showed New Zealand's terms of trade, which shows the amount of imports that can be funded by a set quantity of exports, fell 0.7 per cent in the three months ended Sept. 30, due to falling dairy, forestry and meat prices.
