New Zealand Commodity Prices Fall Further In July



New Zealand's commodity prices declined for the fifth consecutive month in July, results of a survey by ANZ showed Monday. The ANZ commodity price index fell 2.4 percent month-over-month in July, which was faster than the 0.9 percent decline in June. Whole milk powder prices decreased the most, by 12 percent, in July. Subsequently, prices of diary products such as butter, cheese, skim milk powder and casein declined in July. Prices of apples fell 4.3 percent in July as demand from Europe softened, though the decrease was offset to some degree by demand from Asia. Also, prices of logs and wood declined in July. However, prices of beef increased 11.3 percent in July. Aluminum prices rose 5.5 percent and kiwifruit prices improved 0.9 percent. Sheep meat prices also increased in July. On a year-over-year basis, commodity prices fell 3.3 percent in July, dragged down by the 18.6 percent drop diary prices. However, meat prices rose 21 percent and aluminum prices grew 9.5 percent. In terms of local currency, commodity prices dropped 3.5 percent month-over-month and 11.6 percent year-over-year in July as the New Zealand dollar strengthened.


News are provided by InstaForex.