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New Zealand’s ANZ World Commodity Price Index lifted 0.3% m/m in August following two months of weaker prices, notes the research team at ANZ.

Key Quotes

“Dairy and forestry sectors lifted in August but this was largely offset by weaker prices for meat and aluminium. The index has gained 0.9% in the past year.”

“In local currency terms the index lifted 3.9% m/m, bolstered by the 2.1% fall in the New Zealand dollar Trade Weighted Index during August.”

“We are forecasting further downward currency movement in the coming months, supporting returns to New Zealand producers.”