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Reuters
Reuters
Business

New Zealand commodity prices rise 1.2 percent in March on dairy boost - ANZ Bank

FILE PHOTO: A Fonterra milk tanker drives past dairy cows as it arrives at Fonterra's Te Rapa plant near Hamilton, New Zealand August 6, 2013. REUTERS/Nigel Marple/File Photo

WELLINGTON (Reuters) - Prices for New Zealand's main commodities rose 1.2 percent in March led by gains in dairy, ANZ Bank's commodity price index showed on Thursday.

On an annual basis the index was 5.8 percent higher, compared with a 5 percent jump the month before.

Prices for dairy products, the country's biggest export earner, were up 3 percent on lingering concerns over bad weather hitting New Zealand supply.

Gains were broad based, though aluminium was the one weak spot, falling 5.1 percent, as recent U.S. tariffs on Chinese products and tensions between the world's two biggest economies dampened prices.

(Reporting by Charlotte Greenfield; Editing by Shri Navaratnam)

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