The results could affect the New Zealand dollar as the dairy sector generates more than 7% of the nation's gross domestic product. The New Zealand milk co-operative, which is owned by about 10,500 farmers, controls nearly a third of the world's dairy trade. GDT Events is owned by New Zealand's Fonterra Co-operative Group Ltd , but operates independently from the dairy giant. U.S.-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, which is held twice a month, with the next one scheduled for May 16. (Reporting by Rahul Paswan in Bengaluru; Editing by Sonia Cheema)
223 8780;;)) May 2 (Reuters) - International milk prices and volumes
rose in this month's Global Dairy Trade (GDT) auction on
Tuesday.
The GDT Price Index was up 2.5%, with an average selling
price of $3,506 per tonne. The index was rose 3.2% at the
previous auction held on April 18, with an average selling price
of $3,362, according to GDT Events.
A total of 23,265 of dairy products were sold at the latest
auction, up about 2.4% from the previous sale, the auction
platform said.
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