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Financial News: New Zealand Commodity Prices Rise For Fifth Month

New Zealand Commodity Prices Rise For Fifth Month

06/06/2018 - 00:19:00 (RTTNews)

(RTTNews) - New Zealand's commodity prices increased for the fifth straight month in May, the results of a survey by ANZ showed Wednesday.

The ANZ commodity price index climbed 1.5 percent month-over-month in May, following a 1.0 percent increase in April.

Dairy prices registered another respectable monthly rise of 1.5 percent in May, supported by slowing global production growth across major export regions and ongoing strength in global demand.

The meat and fibre complex rose 1.9 percent and forestry prices went up by 0.3 percent.

Aluminium prices rose 3.2 percent over the month after jumping 8.1 percent in April on trade and geopolitical tensions.

The NZD ANZ commodity price index advanced 5.0 percent from April, when it gained by 1.2 percent.

On an annual basis, the NZD ANZ commodity price index grew 6.8 percent in May following a 5.8 percent increase in the preceding month.

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