New Zealand – ANZ Commodity Price index for February +1.3% m/m (prior -1.0%) | Forexlive

ANZ’s indicator of price trends for New Zealand’s 17 main commodity exports

Had been falling m/m for 10 consecutive months before the rise.

In NZD terms the index gained 2.0% m/m, supported by a 0.8% m/m easing of the NZD against the Trade Weighted Index.

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As part of the report ANZ provides this:

• Global shipping prices generally trended lower during February for New Zealand exporters. This is reflected in the indices for containerised movements in the graph below. But the more volatile Baltic Dry Index, which monitors the cost of moving bulk goods, did rebound in late February. The main driver of higher bulk shipping costs is increased demand from China for inputs such as coal and oil since their lockdowns were removed, and the expectation that China’s manufacturing sector will continue to rebound and produce more goods to be shipped around the world. This could eventually put upwards pressure on container shipping prices.