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New record high for ANZ Commodity Price index (Update 1)

New record high for ANZ Commodity Price index (Update 1)

By Gareth Vaughan The ANZ Commodity Price index surged to a record high in April with 10 of the 13 commodities monitored by the ANZ rising during the month in one of the broadest rises in the index's 24 year history. (Update includes NZ Dollar Commodity Price index detail). The index rose 4.9% in April boosted by a 9.9% jump in dairy prices. Aside from dairy, other strong rises were recorded in the price of skins up 10.1% to an 18-month high, wood pulp up 7.7% to a 10-year high, aluminium prices 4.6%, beef prices, 4%, log prices 3.4% and the price of sawn timber increased 2.1%. The price of seafood, wool and sheep meat, also rose, 1.7, 1.2 and 0.2% respectively. "Since the start of the series in 1986, there has only been 5 occurrences of such a strongly synchronised lift. The last time was in May 2006," ANZ said. Although the New Zealand dollar strengthened during April, it was only a modest move compared to the rise in commodity prices. Therefore the ANZ New Zealand Dollar Commodity Price index recorded a 3.8% increase, also a new record high.

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