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Deutsche with the note on why elevated US activity and inflation are not over yet:
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So far, share markets have been relatively calm about supply chain problems. This could signal investor complacency given that reports of supply chain shortages and price jumps have been hard to avoid. One of the most worrying examples is the global chip shortage. Indeed, the world’s dependence on semiconductor chips has been exposed during the covid pandemic as customers rushed to buy computers, game consoles, televisions, and electronics in general.
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Surging commodity prices buoy up bulk shipping
Demand for iron ore pushes prices to a record, with shipping industry getting a lift as transport costs pushed to decade highs
11 May 2021 • 4:54pm
Freight shipping costs have soared to the highest level in more than a decade as the commodities boom buoys the maritime sector.
The Baltic Dry Index, a benchmark which tracks average shipping costs for dry bulk goods such as iron ore and timber, hit 3,240 on Tuesday, more than double its level two months ago.
Prices are rising sharply as demand for raw materials surges due to massive infrastructure spending in China and the West.
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ANZ s NZ Commodity Price Index sky high - up 6.1 per cent in March
7 Apr, 2021 02:30 AM
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Dairy prices have driven ANZ s commodity price index to a record high. Photo / Hawke s Bay Today
Dairy prices have driven ANZ s commodity price index to a record high. Photo / Hawke s Bay Today
ANZ s World Commodity Price Index - which measures prices received for New Zealand s main exports - was sky high in March, rising 6.1 per cent to its highest point since the index began in 1986.
In local currency terms the index gained 7.4 per cent, month-on-month, to also reach a record high, supported by a 0.4 per cent reduction in the New Zealand dollar Trade Weighted Index, ANZ said.
ANZ s monthly commodity price index for March 2021.
Photo: Screenshot / ANZ
ANZ s monthly commodity price index rose 6 percent in March on February, and was 20 percent higher than a year ago, to reach its highest level since it was started in 1986.
The main driver was the strength of global dairy prices, which gained 12.7 percent in March, the highest in seven years, with whole milk powder, a key driver of farmer returns, 43 percent higher than last year.
ANZ s agricultural economist Susan Kilsby said: Dairy prices are currently being supported by strong global demand, combined with a steady milk supply in the main dairy-exporting nations .