3 Jul 2009

Commodity prices rise again

10:12 pm on 3 July 2009

Commodity prices recorded a modest rise in June, increasing 0.2% from a month earlier.

It was the fourth consecutive monthly rise in the ANZ Commodity Price Index.

Eight key exports measured recording a price lift in June, while five commodities recorded price declines.

An increase of 13.5% in sawn timber prices helped to offset a fall of 3.3% in dairy prices.

But prices are still down 28% on the same month a year ago.

When converted back into New Zealand dollars, returns fell 5% - the largest monthly fall in six months - compared to the previous month as the kiwi rose more than 2% in June.

Earnings fell 17% from a year earlier.

The index covers price movements in 13 commodities including dairy, meat, timber and aluminium, which account for about 60% of New Zealand's annual export earnings of $43 billion.