Prices of dairy products rose in Fonterra's latest GlobalDairyTrade auction, the first since news emerged last month that small traces of a nitrate inhibitor had been found in some of the company's milk powder.
The GDT-TWI Price Index rose 2.4 percent compared to the last sale two weeks ago, the fourth straight gain. The average winning price rose to $US3598 a metric tonne. Whole milk powder, the biggest product by volume, rose 5.4 percent to US$3,468 a tonne.
Fonterra last week posted a statement on the GDT website assuring customers that none of the New Zealand dairy products on offer at this auction had been manufactured during periods when DCD was detected.
Ballance Agri-Nutrients and Ravensdown withdrew fertilisers containing DCD voluntarily after the substance was identified.
The total volume of dairy products sold at the latest auction was 38,232 tonnes, down from 40,418 tonnes a fortnight ago.
The price of anhydrous milk fat gained 7.2 percent to US$3500 a tonne and butter milk powder rose 3.7 percent to US$3530 a tonne. Cheddar slipped 0.1 percent to US$3525 a tonne.
Lactose traded at US$1800 a tonne and milk protein concentrate rose 1.2 percent to US$6070 a tonne. Rennet casein was up 3.3 percent to US$8766 a tonne and skim milk powder climbed 0.5 percent to US$3554 a tonne.
There were 135 winning bidders over 13 rounds. There were 212 participating bidders out of a total number of qualified bidders of 762.
This article is tagged with the following keywords. Find out more about MyNBR Tags
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