4 May 2017

Commodity prices steady in April

3:29 pm on 4 May 2017

New Zealand's commodity prices have held steady because of robust demand and supply shortages.

Friesian cow.

Photo: RNZ / Alexander Robertson

ANZ Bank's Commodity Price Index fell 0.2 percent in April, compared with the month before.

The index was dragged lower by a fall in dairy prices last month, while meat, aluminium and wood prices rose.

An agri-economist at ANZ, Con Williams, said despite global jitters for commodity prices, New Zealand is holding up well.

"This strength has been driven primarily by supply shortages in some sectors, but also robust demand from Asia - especially China - and the US for some products," he said.

Mr Williams said a fall in the New Zealand dollar helped boost returns for local exporters.