Dairy prices rise, volumes fall at auction - GDT events

 International milk prices rose while volumes fell in this month's second Global Dairy Trade auction held by GDT Events on Tuesday, reported Reuters.

The GDT Price Index gained 2%, with an average selling price of $4,072 per tonne. The index gained 4.9% at the previous sale, according to GDT Events.

A total of 26,106 tonnes was sold at the latest auction, down about 3.8% from the previous one, the auction platform said on its website.

The auction results can 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 dairy trade.

GDT Events is owned by New Zealand's Fonterra Co-operative Group Ltd, but operates independently from the dairy giant. US-listed CRA International Inc is the trading manager for the Global Dairy Trade auction, held twice a month, with the next one scheduled for October 4.