Whole milk power gains in online auction
Wed, 20 Jun 2012 8:22a.m.
Whole milk powder rose in Fonterra's latest GlobalDairyTrade auction, as overall prices of dairy products slipped.
The GDT-TWI Price Index fell 0.5 per cent compared to the last sale in early June, when the index rebounded from a three-year low.
The average winning price rose to $US3,042 ($NZ3,836) a metric tonne from $US2,899 a tonne two weeks ago.
Whole milk powder rose 2.7 percent to $US2,886 a tonne, the highest since early April.
Last month Fonterra, the world's largest exporter of dairy products, cut its forecast 2012 milk price and flagged lower payments in 2013 in response to a slide in global prices for dairy commodities.
The co-operative says global supply and demand may start to rebalance later this year.
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