Average prices of dairy products rose for the first time since Fonterra Cooperative Group's online auction in early June, led by increases in whole and skim milk powder.
The GDT-TWI Price Index rose 1.7 percent, according to the latest results posted on the globalDairyTrade auction website. The average winning price rose to $US3,540 ($NZ4,467) a metric tonne, climbing from the lowest level in more than a year in the previous auction two weeks ago.
Commodity prices have recovered somewhat since sinking to a 12-month low at the start of October, based on the Thomson Reuters/Jefferies CRB Commodity Index. Hopes that European leaders can find agreement on how to tackle the region's debt crisis have soothed concerns global growth will be derailed, though China's economy slowed to 9.1 per cent in the third quarter, the weakest in two years.
Whole milk powder rose 5.7 per cent to $US3,503 a tonne in the latest sale and skim milk powder gained 3 per cent to $US3,292. Anhydrous milk fat fell 1.7 per cent to $US3,645 a tonne and milk protein concentrate fell 6.4 per cent to $US6,295 a tonne.
Rennet casein tumbled 14 per cent to $US7,040 a tonne. Butter milk powder fell 1.9 per cent to $US3,019 a tonne and cheddar fell 8.4 per cent to $US3,497 a tonne.
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