NZ: Commodity Price Index rose 1.2% m/m in March - ANZ

Con Williams, Agri Economist at ANZ, notes that the New Zealand’s ANZ Commodity Price Index rose 1.2% m/m in March, starting the year with three consecutive gains to be 4.8% up on the 2017 close.

Key Quotes

“There was broad based support driven by dairy, meat & fibre and forestry. The laggard was aluminium, which has been caught up in US-China trade tensions alongside increasing inventory levels. The NZD also fell slightly against most major trading partners (NZD TWI down 0.5% m/m), which provided a further boost to NZD returns, lifting 2.0% m/m.”

“Dairy prices continued to push higher in March (+3.0% m/m), driven by lingering New Zealand supply concerns, very low GlobalDairyTrade (GDT) supply and solid demand from a number of key markets.”