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.
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“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.”