Dairy product prices rise 1.1% in GDT auction

Nov. 7 (BusinessDesk) – Prices of dairy products rose in Fonterra’s latest GlobalDairyTrade auction, the second straight gain on the sales platform.

The GDT-TWI Price Index rose 1.1 percent compared to the last sale two weeks ago. The average winning price gained to US$3,387 a metric tonne. Whole milk powder, the biggest product by volume, fell 2.5 percent to US$3,352 and skim milk powder rose 3.9 percent to US$3,449 a tonne.

The auction comes after the ANZ Commodity Price Index rose for a third straight month in October, with cheese rose 4 percent while butter and milk powders rose 3 percent. Prices also rose in New Zealand dollars as the currency firmed.

The total volume sold rose to 54,106 tonnes from 52,828 tonnes two weeks ago.

Anhydrous milk fat rose 5.3 percent to US$3,026 a tonne and cheddar gained 2.5 percent to US$3,037 a tonne. Butter milk powder climbed 7.3 percent to US$3,510 a tonne. Lactose rose 1 percent to US$2,018 a tonne.

Milk protein concentrate rose 0.5 percent to US$6,159 a tonne and rennet casein gained 9 percent to US$7,912 a tonne.

There were 136 winning bidders over 13 rounds. There were 184 participating bidders out of a total number of qualified bidders of 725.

(BusinessDesk)

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