Global dairy prices slip 1.4% at latest GDT auction

 International milk prices fell and volumes dropped in this month's second Global Dairy Trade auction held by GDT Events, reported Reuters. 

The GDT Price Index slipped 1.4%, with an average selling price of $3,881 per metric ton, in the auction held on Tuesday.

The index fell 1.6% at the previous sale, according to GDT Events.

A total of 40,621 tons was sold at the latest auction, falling 3.3% from the previous one, the auction platform said on its website.

The auctions are held twice a month, with the next one scheduled for November 4.

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 twice-monthly Global Dairy Trade auction.