The ANZ Commodity Price Index of New Zealand’s top export goods saw positive gains for the first time in 8 months in March, rising 1% following a -4.6% drop in February. The CRB/Reuters Commodity Price Index jumped 2.9% through March as risk appetite rebounded across financial markets. Importantly, we continue to see substantial reasons conclude that the upswing in risky assets is temporary in the scope of a larger down trend: growth forecasts remain grim for 2009, suggesting weak demand will weigh on prices for some months to come.
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