NZ commodity prices rise in October - ANZ survey

WELLINGTON, Nov 3 - Prices for New Zealand's main commodity exports gained strongly in October, driven by a solid rise in dairy prices, a survey showed on Tuesday.

The ANZ Bank's commodity price index rose 4.6 percent from the previous month, but was 1.6 percent below the same month a year ago.

The monthly change was driven by a 8.3 percent rise in prices in the crucial dairy sector, offsetting the impact of a higher New Zealand dollar <NZD=>.

The price of 11 commodities rose, while two declined.

Translated into New Zealand dollar earnings, the index was 0.4 percent lower than September, with the gain in prices not quite matching the rise in the kiwi. On a trade-weighted basis, the NZ dollar <=NZD> hit a 15-month high during October.

The index covers price movements in 13 mainly agricultural commodities including dairy, meat, timber and aluminium, which account for around 60 percent of New Zealand's NZ$42 billion annual export earnings.