The ANZ Commodity Price index rose 0.7% to 288.2 in January and was up 4.1% in the year.
It was the first rise since September.
However, in NZ dollar terms the index dropped 2.9% to 211 on the month, paring the annual gain to 4.8%, as the NZ dollar continued to squeeze higher against major trading partners in January, ANZ agri economist Con Williams said.
In the dairy sector, while milk powder prices rose with whole milk powder up 5.1% on the month and skim milk powder up 3.2%, butter fell 5.6%, cheese was down 5% and casein was down 3.5%. That was due largely to increased European and United States milk flow, in the case of butter, lower seasonal demand and building cheese stocks.
Meat and fibre prices rose 0.6% with lamb and venison prices holding at recent historic highs.
Coarse breed wool prices lifted 0.8% on the month as they continue to struggle at low levels as seasonal supply increases.
Seafood prices were stable and horticultural products are in hibernation for the off-season, Williams said.
Forestry prices maintained positive momentum.
Log export prices rose another 2% on the month with solid offtake in China and seasonally low inventories. Wood pulp prices rose a further 1% on the month.
Aluminium prices rose 6.2% month on month as production outside of China flatlined and demand was solid with a synchronised uplift in global manufacturing activity taking place. – BusinessDesk
