Dairy prices slip at Fonterra auction

Dairy commodity prices slipped at Fonterra's overnight online auction, with the GlobalDairyTrade trade weighted index falling 1.1%.

Despite the fall in the index, the average winning price at the overnight event rose to US$4443 (NZ$5670) from US$4367 a fortnight ago.

The trade weighted price for anhydrous milk fat fell 5.8% with the average winning price at US$5340, skim milk powder fell 1.5% with the average price at US$3824, while whole milk powder edged up 0.1% with the price of US$3863.

BNZ strategist Kymberly Martin said the result showed continued consolidation at elevated levels, and left dairy prices 16% higher than at the end of last year.

"The price for NZ's main commodity appears to be holding up better than broad global commodity prices."

NZPA

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