Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the third straight increase since a drop in early December, led by whole milk powder and anhydrous milk fat.
The GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago. The average winning price rose to US$3,442 a metric tonne.
Whole milk powder, the biggest product by volume, was up to 2.8 percent on the average of all contracts offered to $US3288 a tonne and AMF rose 2.4 percent to $US3253.
The sale comes ahead of next Monday's debut inclusion of the Fonterra Shareholders' Fund in the NZX 50 Index. The units have been climbing in anticipation of that event, up from $7.31 to $7.49 since last week's announcement, closing yesterday at a record $7.49.
Today's sales give unitholders an update on global pricing of Fonterra's products and may be reflected in the units when they resume trading today on the NZX and ASX.
The total volume sold was 40,418 tonnes from 45,252 tonnes a fortnight ago.
There were significant falls in prices for butter milk powder, down 6.5 percent to $US3405 per tonne, and milk protein concentrate, down 2 percent to $US5995 per tonne.
Rennet casein rose 0.8 percent to $US8479 a tonne and cheddar was up 0.9 percent to $US3496 a tonne. Skim milk powder fell 0.3 percent to $US3552 a tonne.
There were 144 winning bidders over 12 rounds. There were 202 participating bidders out of a total number of qualified bidders of 748.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: NZ shares rise, led by F&P Healthcare, Sky TV; Ebos falls
- NZ dollar falls with Aussie as Moody's China downgrade mulled, commodities weaken
- Aussie Rich List – where are the Kiwis?
- Rocket Lab has liftoff but doesn't make it to orbit
- Government edges towards review of low-user electricity tariff
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 26, with Grant Walker