Dairy prices rebounded at Fonterra's latest online dairy product auction overnight, after falling for four consecutive months.Figures from the sale show the globalDairyTrade-trade weighted index for a basket of products at the auction rose 16.9 percent, h
Dairy prices rebounded at Fonterra's latest online dairy product auction overnight, after falling for four consecutive months.
Figures from the sale show the globalDairyTrade-trade weighted index for a basket of products at the auction rose 16.9 percent, having dropped 8.3 percent a month ago.
The average selling price of all products rose to $US3562 ($NZ5009) from $US3080 at the start of August.
Paul Grave, globalDairyTrade manager, said the result appeared to indicate a firmer tone had returned to the market in the past month.
From now on the online auction will be held twice monthly, with the next on September 15.
"Having two events a month will provide a lot more visibility when it comes to assessing the market direction," Mr Grave said.
At the latest auction the average price for anhydrous milk fat was up 9.5 percent to $US4681, for butter milk powder it lifted 10.6 percent to $US3199, for skim milk powder it gained 15.8 percent to $US3197, and for whole milk powder it was up 18.8 percent to $US3522.
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