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ANZ Commodity Price Index: Mixed emotions
The ANZ World Commodity Price Index fell by 0.7% in June as falling prices for logs and lamb more than offset gains in other sectors. In local currency terms the index fell 4.5% as the NZD firmed against the currencies of all our major trading partners. The NZD gained 3.8% on a Trade Weighted Index (TWI) basis during June. Global shipping costs are on the rise again driven by strong demand from China for iron ore which is used to produce steel. The Baltic Dry Index, a measure of global shipping costs, leap 250% in June, after falling to very low levels the previous month. The sharp lift in demand for ships is making ... (full story)