NZ commodity prices finish 2011 on weak note

New Zealand commodity prices dropped to their lowest levels in a year, led by declines in wool and skins.

The ANZ Commodity Price Index slipped 0.8 percent last month, with little change in the New Zealand dollar resulting in a 0.6 percent decline in world prices. Since a peak in May, the overall level of commodity prices has fallen 10 percent.

Eleven commodities fell, two rose and four remained unchanged. Wool and skins declined 7 percent, log prices dropped 5 percent and lamb prices fell 4 percent.

A new record high was record for beef prices, rebounding 12 percent in December. The price of skim milk powder, butter, casein and sawn timber all eased by one percent or less.

No change was recorded in the price of seafood, apples, whole milk powder or venison.

(BusinessDesk)

BusinessDesk.co.nz

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