-- The ANZ World Commodity Price Index fell 0.8% month over month in April, with dairy prices in a period of high volatility, particularly butter and anhydrous milk fat, according to a Tuesday report from ANZ Research.
Dairy prices fell 3.8% sequentially during the month and 7.5% year over year, reflecting strong global supply. The global supply outlook suggests a downward price bias that was temporarily interrupted by the conflict in the Middle East.
Meanwhile, the meat and fiber index rose just 0.2% from March. Beef prices fell slightly, but lamb and wool prices rose. A seasonal increase in New Zealand supply put a slight pressure on local prices, but strong demand has kept overseas prices elevated.
The horticulture index was flat in April, with the first large shipments of apples and gold kiwifruit just now reaching overseas markets.
The forestry index jumped 7.1% in April and was up 9.2% year over year, partially reflecting the higher production and transportation costs.
Aluminum prices jumped 6.3% month over month to a record high, and soared roughly 51% year over year. A large aluminum smelter in the United Arab Emirates was damaged in March, tightening global supplies. The Middle East accounts for around 8% to 9% of global production.