New Zealand's commodity prices fell for the third successive month in June largely due to lower aluminum prices, although the rate of decline slowed when compared to the previous month, the results of survey by ANZ showed Thursday.
The ANZ commodity price index decreased 3.1 percent month-over-month in June, following a 4.9 percent drop in May.
Prices were around 20 percent lower than twelve months earlier and at its lowest level in three years, ANZ said.
Aluminum prices declined by 6.4 percent from the prior month in June, as higher Chinese production offset strong world demand for aluminum in 2015.
Dairy product prices declined by 4.4 percent in June, dragged down by lower prices of butter, skim and whole milk powder.
The bank said dairy prices continue to suffer from lackluster China demand and the continued ban on dairy imports into Russia. Cheese price declines were more modest.
Prices in the meat sub-group declined 3.4 percent, with lamb prices decreasing 3.5 percent. Meanwhile, prices in forestry were the only commodity group to rise in June but at a modest pace.
The NZD ANZ commodity price index rose 2.9 percent monthly in June offsetting a 2.9 percent drop in May. It was the first increase in three months.
On an annual basis, the NZD ANZ commodity price index dropped 4.3 percent following a 8.1 percent decrease in May.
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