The index tracks the prices of 17 of New Zealand’s major commodity exports, including dairy products, meat, wool, forestry products, and seafood.
ANZ World Commodity Price Index, from the report:
+1.4% m/m in October
stronger prices were recorded for all major sectors excluding meat and fibre
In New Zealand dollar terms
+3.4% m/m as the NZD Trade Weighted Index fell by 1.3%
As part of this report ANZ remark on Global shipping prices
volatile Baltic Dry Index fell 32% during the month, to its lowest level in eight monthsChina Containerized Index, which measures the cost of shipping into and out of China, fell 16%Global demand for ships tends to fall at this time of the year as we have now passed the seasonal peak in demand, and this influences priceFrom a New Zealand perspective export volumes are growing again as exports of products such as dairy lift, and demand for imports also increases as retail businesses stock up for Christmas
This article was written by Eamonn Sheridan at www.forexlive.com.
