Average world prices for New Zealand's commodity exports fell last month, ending a run of nine consecutive monthly rises.
ANZ Bank's commodity index fell 1.1 per cent in world price terms, but it is still 12 per cent up on a year ago. The fall was offset by a weakening of the NZ dollar, leaving the ANZ's index unchanged in kiwi dollar terms.
Aluminium prices fell 4 per cent, reversing May's gain. Since their peak in January, aluminium prices have fallen 10 per cent, consistent with a slowing world economy. But supplies of the metal have also fallen as energy costs have risen, leaving the international market in reasonable balance, ANZ says.
Wood pulp prices fell 10 per cent last month and are now 30 per cent off their peak last August.
Lamb prices continued to give up some of the gains they had made since foot and mouth broke out in Britain in February.
Kiwifruit and apple prices also fell.
Dairy prices, however, continued to hold up well, increasing 0.9 per cent last month. Beef, seafood and venison prices also firmed.
Aluminium, wood pulp lead commodity price falls
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