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Whole milk powder's surprise rebound

NZ Newswire logoNZ Newswire 21/03/2017
Stock photo © Reuters Stock photo

Dairy prices at Fonterra's GlobalDairyTrade auction have made a surprise rebound, with the auction's index rising 1.7 per cent.

The average price rose to $US3101 ($NZ4396) per metric tonne on Wednesday morning (NZT). It followed two successive falls in prices at the fortnightly event.

Analysts had been expecting GDT prices to drop for a third straight auction as supply outstripped demand.

Futures trading on the NZX on Tuesday morning had indicated important whole milk powder prices would slip 3 per cent.

However, the whole milk powder price was up 2.9 per cent to $US2855 while skim milk powder was down 10.1 per cent.

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