Commodity prices ease further

Economy Watch · Jul 23, 2024 · 4m

Kia ora,

Welcome to Wednesday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.

I'm David Chaston and this is the international edition from Interest.co.nz.

Today we lead with news lower commodity prices spread more widely overnight and a dark mood flowed over Chinese equity markets late yesterday.

But first, there was a GDT Pulse auction event overnight. Basically prices fell. The SMP price was down a bit more than expected, down -2.8% from last week's full GDT event and taking it back to levels last seen in April. The more important WMP price…