New Zealand commodity prices at 17-month high as dairy rallies

New Zealand commodity prices rose for a fifth month in September, driven by dairy, although the strong kiwi dollar limited the benefits for local producers.  The ANZ commodity price index increased 5.1 per cent last month, bringing it to a 17-month high. In New Zealand dollar terms, prices rose 3.9 per cent in the month and are 5 per cent lower than in the same period last year. The release of the commodity price index follows the results of the latest GlobalDairyTrade auction thi s morning, where dairy prices posted their first fall since July. The GDT price index fell 3.0 per cent to US$2,880, while the price of whole milk powder, the biggest product New Zealand sells by volume, dropped 3.8 per cent to US$2,681 a tonne. Dairy price gains dragged the index higher in September, up 15 per cent in the month, led by butter which increased 24 per cent and skim milk powder, up 16 per cent.