Prices of dairy products rose for the second time in a row at Fonterra's latest GlobalDairyTrade auction and the volume sold jumped to a six-month high.
The GDT-TWI Price Index rose 0.7 per cent compared to the last sale two weeks ago. The average winning price rose to US$4,643 a tonne, the highest since the April 16 sale, from US$4,598 a tonne.
The results suggest prices of New Zealand dairy products may bounce back this month after the ANZ Commodity Price Index fell 3.7 per cent in June, led by a 9 per cent slump in whole milk powder and an 8 per cent fall in skim milk powder. Producers have been sheltered somewhat by a weaker New Zealand dollar, which pushed up the local currency price of commodities, the ANZ index showed.
The total volume of dairy products sold at the latest auction jumped to 38,890 tonnes from 23,674 tonnes.