New Zealand export commodity prices recorded their fifth consecutive rise in world price terms in July from June, and their first rise in New Zealand dollar terms in five months, giving perhaps an early indication that the sharp falls seen in the last year may have bottomed out.

Overall prices rose 1% in world price terms in July and are now up 7.8% from their February low. In New Zealand dollar terms, prices rose 0.1% over the month.

"Eight commodities registered a rise in prices in July (in world price terms), while five recorded a drop in prices, ANZ economist Steve Edwards said.

"Aluminium topped the monthly increases lifting 6.7 percent from June, to sit 26 percent above the recent low measured in February. Forestry products recorded the next tier of price increases, with wood pulp, lumber and log prices increasing 3.4, 2.5 and 2.1 percent, respectively," Edwards said.

"Beef prices increased 1.4 percent and wool prices improved 0.8 percent. The all important international dairy price nudged up 0.6 percent in July, while venison prices inched up 0.3 percent," he said.

"Seafood prices recorded the largest monthly decline across the export commodity basket we monitor, dropping 2.2 percent in July. This is the ninth successive drop in our benchmark seafood price series, returning prices back to the level where they prevailed two years ago. Seasonal falls in kiwifruit (-1.6 percent) and apple prices (-0.4 percent) was noted, as the Northern Hemisphere export season matures. Lastly, lamb prices eased 1.4 percent in July and skin prices dipped 0.4 percent."