Technical Analysis

New Zealand commodity price index for December -0.1% m/m (prior -3.9%)

ANZ World Commodity Price Index data.

Down 0.1% m/m in December

  • vs. down 3.9% in November

In NZD terms down 3.8% (NZD rose 2.1% against its Trade Weighted Index)

In y/y terms down 11.4% in December

  • November was down 11.5% y/y

As part of its report ANZ look at global shipping rates, which is of broader interest:

  • Global shipping prices have fallen sharply and are nearing pre-pandemic
  • Demand for container shipping has also fallen as consumer demand
    for manufactured goods eases.
  • Ship operating costs have reduced due to
    lower fuel prices, as well as fewer delays at ports as congestion dissipates.
  • Shipping demand is expected to remain weak until after the Chinese New
    Year holiday period, with the volume of goods traded globally throughout
    2023 forecast to remain subdued

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