Data from New Zealand, ANZ Commodity Price Index

Down a further 2.3% m/m in January

From ANZ:

  • Led by falls in wool, skins, cheese and whole milk powder prices
  • The fall in world prices was mostly offset by a lower NZD/USD, with local prices down just 0.4% m/m in January
  • World prices are down 14.7% y/y, but in NZD terms they have receded only 1.6% y/y,
  • The NZD has been largely doing its job
  • China's economic fortunes and supply dynamics remain front and centre for many commodities
  • While China is at the epicentre of current global commodity swings and discussion, wider global growth fortunes and supply dynamics in key markets are obviously still very influential