The ANZ World Commodity Price Index lifted 1.5% m/m in May, the fifth consecutive rise in 2018. Of the 17 commodities, ten rose, three were unchanged and four declined – the largest contributions came from cheese, skim milk powder and lamb, together making a 1.1%pt contribution to the monthly change. Prices rose across all broad categories except seafood, which was unchanged. Aluminium prices lifted by most (up 3.2%), finding further support from global trade tensions; horticultural prices (up 2.8%) were a close second. The NZD depreciated against major trading partners except the GBP. This helped boost NZD returns ... (full story)