ANZ World Commodity Price Index recorded its first lift in three months in September
+1.3% m/m
- prior -2.9%
In local currency terms, +2.0% m/m with the NZD depreciating 0.1% against its Trade Weighted Index
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As part of their monthly report ANZ include commentary on Global shipping prices:
- were mixed during September.
- The Baltic Dry Index, which tends to be the most volatile of the shipping indices, lifted a massive 57%, following the sharp lift in oil prices.
- Meanwhile, the China Containerised Index fell 5% and the Harper Peterson Global Index fell 9%.
- If oil prices remain strong then this will put upward pressure on freight prices, but at the same time demand for shipping services is a little subdued which is helping to keep prices in check.
NZD/USD update:
