Fonterra Co-Operative Group Ltd (FCG.NZ)
18 Jul 2019
* Result driven by strong demand for milk powders (Recasts; adds analyst comment, market reaction, story slug)
* CFO says no new developments behind stock hitting record lows
WELLINGTON, July 3 Global dairy prices dropped for a fourth consecutive time at a fortnightly auction held early on Wednesday, as volume of the products increased.
WELLINGTON, July 3 July 2 (Reuters) - International milk prices fell while volumes increasedin this month’s first Global Dairy Trade auction held by GDT Events.
* Ramped up supply hitting prices, economic woes a risk -analysts (Recasts, adds analyst comment)
WELLINGTON Global dairy prices sank for the second time in a row at an auction held early on Wednesday due to strong supply as prices eased off a long rally earlier in the year.
* Largely due to strong supply and volumes on offer -analyst (Recasts, adds analyst comment, market reaction)
* Outlook supported by strong China demand -analysts (Recasts; adds analyst comment)
* Whole milk powder prices slip 0.5 pct (Re-casts, adds market reaction, analyst comment)
May 3 New Zealand dairy group Fonterra Co-Operative Group Ltd said on Friday local milk production in March dropped 8 percent year-on-year, but exports rose as Asian demand remained robust.