NZ data
- Up 2.7% m/m and 13% y/y
Comments from ANZ:
- Dairy prices rose 4.8% m/m in November, the sixth rise in a row
- Tight global milk supplies and Chinese import demand continued this month
- Prices for aluminium rose 4.2% m/m and are now 18% higher than a year ago
- General metal prices have been on the improve from early in the year as inefficient capacity has been shut down in China and a general lift in import demand has been seen
- Metal prices received a further shot in the arm in November as investors took the view Donald Trump's infrastructure program will lead to a further boost in demand
