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Milk powder dips as dairy index lifts

NZ NewswireNZ Newswire 20/09/2016

Prices have again risen at Fonterra's GlobalDairyTrade auction, but at a more subdued level than in previous events.

The GDT price index was up 1.7 per cent on Wednesday morning (NZT) with the average price up to $US2975 ($NZ4070) per tonne. It is the fourth successive rise with previous increases at the fortnightly auction ranging between 6.6 and 12.7 per cent.

However, the price for key whole milk powder, Fonterra's main product, was down 0.2 per cent to $US2782 despite futures traders anticipating an increase of more than 11 per cent.

All other products increased with butter milk powder leading the way with a 7 per cent rise.

The New Zealand dollar last traded at 73.22 US cents at about 11.59am in New York, compared with 72.93 US cents at 5pm in Wellington on Tuesday.

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