ANZ NZ Commodity Price Index - November 2024 reportFriday 8 Nov 2024
The ANZ World Commodity Price Index increased 1.4% m/m in October as stronger prices were recorded for all major sectors excluding meat and fibre. In New Zealand dollar terms, the index lifted 3.4% m/m as the NZD Trade Weighted Index fell by 1.3%. Global shipping prices generally eased in October. The volatile Baltic Dry Index fell 32% during the month, to its lowest level in eight months. The China Containerized Index, which measures the cost of shipping into and out of China, fell 16%. Global demand for ships tends to fall at this time of the year as we have now passed the seasonal peak in demand, and this influences price. From a New Zealand perspective export volumes are growing again as exports of products such as dairy lift, and demand for imports also increases as retail businesses stock up for Christmas. The forestry index lifted 2.0% m/m in October. Log prices in China, our major log market, steadily increased during the month as steady demand outpaced reduced supplies. The market in China is still a little soft, but there is good demand for higher-grade logs that can be used to manufacture furniture. Logs are also being shipped to India but returns in this market have eased and are lower than China. Download Full Report Source & image credit: ANZ | ||
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