The GDT Price Index was up 3.2%, with an average selling price of $3,362 per tonne. The index was down 4.7% at the previous auction held on April 4, with an average selling price of $3,227, according to GDT Events.
A total of 22,713 tonnes of dairy products were sold at the latest auction, down about 4.7% from the previous sale, the auction platform said on its website.
The auction 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, held twice a month, with the next one scheduled for May 2. (Reporting by Ashitha Shivaprasad and Deep Vakil in Bengaluru Editing by Mark Potter)
