6 Aug 2013

Commodity prices rose in July

7:06 am on 6 August 2013

The prices of commodities New Zealand produces increased in both world and New Zealand dollar terms in July, led by rising wool prices.

ANZ Bank economist Steve Edwards said the price of wool was the strongest of the increases in nine of the commodities his bank monitors.

There was a 4% rise in the price of wool in July and there had been an increase in 10 out of the past 11 months.

Prices of skim milk powder, casein and lamb all rose 3% in July but, offsetting these increases, the price of cheese fell 3% while aluminium and kiwifruit prices were down 2%.

Mr Edwards said it is still to early to assess the likely impact on prices resulting from Fonterra's botulism scandal, but some indication is likely from the results of the company's fortnightly auction on Wednesday.