KEY POINTS:
Export prices for commodities rose slightly last month, but continued gains by the New Zealand dollar led to a fall in returns.
The ANZ World Commodity Price Index rose 0.3 per cent in October and is 2.1 per cent higher than a year ago.
But when converted into kiwi dollars, commodity prices fell 0.9 per cent - their third consecutive fall.
ANZ said this "reflects a strengthening in the value of the NZ dollar across all our major trading partners in October".
"While the stronger international commodity prices are providing support to the export sector, the firmer dollar is starting to bite into prospective returns."
Even after the three months of falls, local currency returns are 9.4 per cent higher than a year ago thanks to the kiwi's retreat from highs over US74c in March last year.
Aluminium recorded the strongest rise in world prices during October, gaining 7.4 per cent, with logs next, up 4.4 per cent.
Timber prices fell 4.9 per cent, and beef and lamb prices were both down 3 per cent.
