Commodity prices up but so is $NZ

The good news is that the ANZ Commodity Price Index showed an increase for the second month in the row.

Unfortunately that 2.5% % increase was counteracted by an increase in the value of our currency which meant commodity prices fell 2.8% in New Zealand dollar terms between March and April.

The price of eight commodities rose last month, two were flat, and apples, seafood and logs fell.

The largest rise was for aluminium, up 6.6 percent for the month, followed by lamb, up 6.4 percent to a record high.

Beef prices rose 3.2 percent, dairy was up 3.1 percent, skin prices rose 2.3 percent, venison was up 1.6 percent and the price of wool rose 1.3 percent.

That’s encouraging for sheep and beef farmers, especially those in drought-hit areas who’re being forced to sell stock who might get some small comfort that they’re selling on a strong market.

The increase in skins and wool, though small, is a welcome change from what looked like a permanent downward trend.

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