| New Zealand commodity prices declined for the ninth consecutive month in November, to the lowest level since February last year, as milk powder prices fell to five-year lows. The ANZ Commodity Price Index dropped 1.6 per cent to 286.3 last month, 12.4 per cent lower than its reading the same month a year ago and the lowest for a November month since 2012. Skim milk powder fell 7 per cent, while whole milk powder dropped 6 per cent, with both series at their lowest since 2009.
Today's data comes ahead of the GlobalDairyTrade auction overnight. Since the start of the year dairy prices have halved at the GDT auctions as over-supply and weaker demand in China, the biggest destination for New Zealand's largest export, weighs on prices...............................................Full Article: Source
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