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Commodity prices down 0.8% in July as dairy, beef and log prices fall and NZ dollar rises

Commodity prices down 0.8% in July as dairy, beef and log prices fall and NZ dollar rises
<p> Commodity prices fell 0.8% in US dollar terms in July and fell 2.8% in New Zealand dollar terms.</p>

The ANZ Commodity Price Index recorded a second successive drop in July, easing 0.8 percent over the month.

There were falls in six of the commodities and rises in nine, with dairy prices being the main faller.

For the second consecutive month, the price of milk powders recorded the largest fall across the commodity basket.

Whole milk powder prices dropped 12.6 percent, while skim milk powder recorded a 2.7 percent drop.

In addition to this, beef prices weakened 3.4 percent in July and sawn timber prices decreased 2.8 percent. Butter prices slipped 1.4 percent and log prices rounded out the price falls, easing 0.9 percent from a month earlier.

"It’s not all one way traffic though. Nine commodity prices recorded rises. Skin prices increased 10.1 percent in July, topping the list of commodities to record higher prices for the second consecutive month," ANZ said.

"Seafood and kiwifruit recorded the next strongest price rises, lifting 5.0 and 4.8 percent, respectively. Wool, casein and aluminium prices lifted between 3 and 4 percent, while venison, apples and lamb all recorded price rises below 1 percent," ANZ said.

"When converted into New Zealand dollars, the ANZ NZD Commodity Price index dropped 2.8 percent, reflecting a general strengthening in the value of the New Zealand dollar in July."

ANZ commodity price index

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