Fonterra's unit price dropped after dairy product prices eased at the fortnightly GlobalDairyTrade auction overnight, but analysts said it was too early to link the two together.
In late trading yesterday, units in the Fonterra Shareholders Fund were at $6.57, down 18c or 2.67 per cent compared with Tuesday's close, but still at a healthy premium to their $5.50 issue price. They eventually closed at $6.60.
In the auction, the GDT price index dropped 2 per cent compared with the last sale two weeks ago. Whole milk powder, the biggest product by volume, fell by 3.5 per cent to US$3170 a tonne.
Matt Goodson, portfolio manager at BT Funds Management said it was possible that the auction price had influenced the unit price, but that it was difficult to tell.
More than 29 million units traded on their first day on the market on Friday, compared with just 2 million yesterday.