ANZ assessing the prices received for New Zealand's main export categories

Headline ANZ Commodity Price Index down 0.2% in April

Comments from ANZ (bolding mine):

  • Underlying detail for New Zealand's main commodities remained robust
  • Headline index was driven lower by dairy (-2.5% m/m), while the non-dairy component rose 1.2% m/m
  • Continued weakness in the NZD also added to local exporter returns, with local prices up 0.5% m/m and 20.4% y/y
  • The NZD index is now at its highest level since 2013/14 when milk powder prices were at record highs
  • Despite some global jitters for commodity prices, New Zealand's main basket continues to perform well for now. 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.

NZD not doing too much.

AUD is lower though, under its overnight low. Iron ore prices on the slide again in early China trade.