InfoAnda - New Zealand commodity prices fall further in November

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: New Zealand commodity prices fall further in November Reuters - Wednesday, December 3 WELLINGTON, Dec 3 - New Zealand commodity prices fell for the fourth consecutive month in November, and have fallen 21 percent since July, a survey from the ANZ Bank showed on Wednesday. ANZ's commodity price index fell 7.2 percent on the previous month, and was down 18 percent on a year earlier. The bank said New Zealand's key commodities were being buffeted by the current global market turmoil, although a weakened New Zealand dollar <NZD=> was acting as a buffer. Prices of dairy products, which account for about a quarter of New Zealand's export earnings, tumbled for a third month, down 13 percent, with beef, wool, and lumber mirroring the drop. Dairy prices are now 43 percent lower than the record high struck in November last year. Earlier on Wednesday New Zealand's Fonterra Cooperative Group Ltd, the world's biggest dairy exporter, said dairy prices will continue to fall until the global economy improves . Among other commodities, pelt prices recorded the biggest drop, slumping 41 percent on October. Kiwifruit prices continued to rise, up 0.3 percent, and lamb jumped 4.3 percent, as lamb prices in the United Kingdom hit a 30 month peak. "We expect this peak may be short-lived, as the latest weekly prices have since weakened," said ANZ economist Steve Edwards in a statement. Eight of 13 commodities fell, two gained, and three were unchanged. In New Zealand dollar-adjusted terms, the index fell 1.8 percent, to be 5.4 percent higher than a year ago. The trade weighted NZ dollar index <=NZD> was down 6.3 percent on a month earlier. ((Wellington newsroom tel 64 4471 4234, fax +64 4 4736 212, wellington.newsroom@reuters.com)) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business SNAPSHOT - Financial Crisis - 1240 GMTReuters - 20 minutes ago FTSE-100 down 12.79 points at 4,110.07AP - 20 minutes ago Wall Street heads for lower openAP - 20 minutes ago GM exec: bankruptcy not an option for industryAP - 21 minutes ago GLOBAL MARKETS-Gloomy data hit stocks, rate cuts eyedReuters - 22 minutes ago Most Popular – Business Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Saudi king says 75 dollar oil price 'fair' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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