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Financial News: New Zealand Commodity Prices Fall In June: ANZ

New Zealand Commodity Prices Fall In June: ANZ

07/06/2020 - 02:00:00 (RTTNews)

(RTTNews) - New Zealand commodity prices decreased in June after recovering a month ago, data from ANZ showed Monday.

The world commodity price index dropped 0.7 percent on a monthly basis, in contrast to an increase of 1.1 percent in May.

Year-on-year, commodity prices slid 5.2 percent after easing 8.2 percent in May.

In local currency terms, the commodity price index fell 4.5 percent on month and 1.5 percent from the same period last year.

Data showed that global shipping costs were on the rise again driven by strong demand from China for iron ore which is used to produce steel. Dairy prices firmed marginally in June.

Meanwhile, the meat and fibre index fell 4.1 percent in June.

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