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New Zealand's key commodities ended 2024 on a positive note, though weak demand over the holidays saw average dairy prices fall in the first trade auction of the year.
The ANZ World Commodity Price Index inched up 0.2 percent in December over November, or 15 percent up on 2024.
All sectors, other than forestry, achieved gains during the year, with dairy and meat leading the way.
ANZ agri economist Susan Kilsby said the gain was more significant In New Zealand dollar terms, with a 3.6 percent increase on November, though dairy prices saw only a marginal improvement.
Prices for whole milk powder firmed but prices for other dairy commodities softened in December, with another 1.4 percent drop in average prices to US$4,029 a tonne in the first Global Dairy Trade Auction of 2025.
The December meat and fibre index fell 0.3 percent on November but annual returns were up 23 percent.
Beef prices bounced up 2.4 percent on November, with a strong outlook for the next few months.
However, lamb prices fell 3.3 percent after trending up for the previous nine months.
Kiwifruit helped to lift the horticulture index in terms of production and prices, with production forecast to continue to expand in the years ahead.
The forestry index was unchanged during the month of December, and little changed on the year earlier, as the sector continued to deal with weak demand from its key China market.
Aluminium prices fell during December but 2024 generally delivered stronger prices, with a gain of 16 percent, with ongoing demand for lightweight metals for use in electric vehicle production.
However, ANZ expected alumina shortages to ease this year, which would take the pressure off prices.
