Gains in aluminium products boost ANZ commodity prices

New Zealand commodity prices rose 0.4 per cent last month riding gains in the price of aluminium products .

The ANZ Commodity Price Index rose to 233.4 in February from 232.4 a month earlier and was down 18 per cent on an annual basis. In New Zealand dollar terms, the index was unchanged in February and down 10 per cent on the year as a weaker kiwi helped offset the global decline. Aluminium product prices gained 2.6 per cent on a monthly basis.

"Aluminium prices were supported by tightening Chinese inventories and coincided with price improvements for the rest of the industrial metals complex," ANZ Bank New Zealand agri-economist Con Williams said in a note.

The price rise across a wide range of aluminium products somewhat balanced off price delines in other commodities, especially dairy products, on which the index is heavily reliant.

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