Volumes at six-month high as dairy products prices rise 0.7% in GDT auction
The average winning price rose to $US4643 a tonne, the highest since the April 16 sale, from $US4598.
Prices of dairy products rose for the second time in a row at Fonterra's latest GlobalDairyTrade auction and the volume sold jumped to a six-month high.
The GDT-TWI Price Index rose 0.7 percent compared to the last sale two weeks ago. The average winning price rose to $US4643 a tonne, the highest since the April 16 sale, from $US4598.
The results suggest prices of New Zealand dairy products may bounce back this month after the ANZ Commodity Price Index fell 3.7 percent in June, led by a 9 percent slump in whole milk powder and an 8 percent fall in skim milk powder.
Producers have been sheltered somewhat by a weaker New Zealand dollar, which pushed up the local currency price of commodities, the ANZ index showed.
The total volume of dairy products sold at the latest auction jumped to 38,890 tonnes from 23,674 tonnes.
Whole milk powder, the biggest product by volume, gained 0.1 percent to $US4757 a tonne and skim milk powder rose 3.1 percent to $US4441.
The price of anhydrous milk fat rose 1.2 percent to $US4645 a tonne and butter milk powder gained 6 percent to $US4610. Butter dropped 5.7 percent to $US3707.
Cheddar fell 3.7 percent to $US4395 a tonne. No results were given for lactose and milk protein concentrate was not offered. Rennet casein rose 7.9 percent to $US10,259.
There were 109 winning bidders over 12 rounds. There were 182 participating bidders out of a total number of qualified bidders of 844.
(BusinessDesk)
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Volumes at six-month high as dairy products prices rise 0.7% in GDT auction
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