Commodity export prices rise again - lamb up to record high

Commodity export prices have risen for their second consecutive month, with a 2.5 per cent increase in April's ANZ Commodity Price Index the largest in nearly two years.

The index, which had its first gain in March in eight months, nevertheless remained near recent lows and lost 30 per cent annually, ANZ economist Steve Edwards said.

The price of eight commodities rose last month, two were flat, and apples, seafood and logs fell.

The largest rise was for aluminium, up 6.6 per cent for the month, followed by lamb, up 6.4 per cent to a record high.

Beef prices rose 3.2 per cent, dairy was up 3.1 per cent, skin prices rose 2.3 per cent, venison was up 1.6 per cent and the price of wool rose 1.3 per cent.

The New Zealand dollar rose last month, up 5.5 per cent on a trade weighted basis and up 7.4 per cent against the US dollar. As a result, the commodity price index in New Zealand dollars fell 2.8 per cent in April from March.

- NZPA