New Zealand commodity prices rose to a record in February, as cheese prices surged to a six-year high.
The ANZ Commodity Price Index advanced 0.9 per cent to 337.4 from January. The index is 22.4 per cent above February 2013. International prices for nine of New Zealand's main commodities increased in the month, four fell and four were unchanged.
Cheese led the gains, up 7 per cent from January, paced by butter lifting 6 per cent in the month. Casein rose 1 per cent to reach a five-year high, while log prices increased 2 per cent to a 20-year high, said ANZ.
The record commodity prices coincide with yesterday's terms of trade, which measure the quantity of imports the country can buy with a set amount of exports. The terms of trade gained 2.3 per cent in the fourth quarter, to the highest level since December 1973. The gains were made on growth in dairy exports.
Wool slipped 3 per cent to a six month low, while aluminium was down 2 per cent, to a four and a half year low. Whole milk powder fell 0.5 per cent and seafood posted slightly weaker prices.
