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Dairy prices up again in GDT auction

NZ Newswire logoNZ Newswire 6/12/2016

Dairy prices have had their fourth successive rise in Fonterra's fortnightly GlobalDairyTrade auction.

The GDT price index rose 3.5 per cent and the average price to $US3622 ($NZ5097) per metic tonne on Wednesday morning (NZT).

The key whole milk powder price was up 4.9 per cent to $US3593, beating expectations of a 3.4 per cent gain.

"The lifts in dairy commodity prices ... were closely aligned with market expectations," AgriHQ dairy analyst Susan Kilsby said .

She said the price differential between whole milk powder and skim milk powder continued to widen which was likely to encourage more milk to be diverted in production of the former.

The GDT price index has dropped only once since the beginning of August as global dairy prices recover from lows.

The New Zealand dollar last traded at 71.10 US cents at about 12.09pm in New York, compared with 71.41 US cents at 5pm in Wellington on Tuesday.

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