Aug 20 International milk prices rose in the
second auction in August held by New Zealand's Fonterra
Co-operative Group, but volumes fell, the world's biggest dairy
Fonterra's GDT Price Index, formerly the Global Dairy
Trade-Trade Weighted Index, rose 2.3 percent, with an average
selling price of $4,941 per tonne, in the auction held on
The jump followed a 2.4 percent drop in the previous sale,
said Fonterra, which is known for brands such as Anchor, Anlene
and Fresh n' Fruity.
A total of 56,173 tonnes was sold, falling 7.3 percent on
the previous auction, the cooperative said on its website
The auctions are held twice a month, with the next due on
The auction results can affect the New Zealand dollar
as the dairy sector is a major export earner for the country and
generates more than 7 percent of gross domestic product.
The New Zealand milk cooperative, owned by around 10,500
farmers, controls nearly a third of the world dairy trade.
This week's auction is the second since the company revamped
its index. It has restated previous auction results based on the
new index calculations.
(Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Dale