Aluminium big mover in export surge

World prices for New Zealand's export commodities continued to climb last month, pushing ANZ's commodity price index 2.6 per cent higher, to a level just 6 per cent below its all-time high in mid-2008.

The cumulative rise over the year was 30 per cent.

The New Zealand dollar moved in exporters' favour as well last month, so in local currency terms the index rose 4.3 per cent.

Over the year, however, the stronger exchange largely offset the rise in world prices and the New Zealand index ended the year 1.7 per cent up on the end of 2008.

The largest rise last month was in aluminium prices, which surged 12 per cent - they are now 65 per cent above their low last February.

Dairy prices, which make up 41 per cent of the index, rose 3 per cent in December. They are 81 per cent above their low last February.

Wood pulp, sawn timber, logs and lamb were the other commodities to gain, while wool, skins, seafood, beef and venison fell.

Aluminium and sawn timber prices have both strengthened in nine of the past 10 months, ANZ said.