Global dairy prices have lifted again in a week when . The Global Dairy Trade auction concluded on June 4 with the GDT price index up 1.7 per cent.
The auction saw rises across most commodities with only lactose defying the trend, down 1.9pc. Butter milk powder led the lift, up 10.
4pc, with the key whole milk powder index up 1.7pc and skim milk powder up 3pc. Cheddar barely moved - up just 0.
2pc. The average price and WMP prices are considerably higher than 12 months ago and the beginning of this year. The average price is up 12.
5pc on the same auction last year and 13.7pc on the first auction in January. The WMP price is 18pc higher than at the same time last year and 13.
9pc than in January. But the cheddar price index is not so rosy. It is down 9pc on the same time last year but has lifted 2pc on the January price.
Westpac NZ senior economist Michael Gordon said the June 4 GDT auction was another solid result, its fifth straight increase. "As we've seen in recent auctions, China was a significant buyer although less present than they have been in past years," he said. "Buyers from South East Asia and the Middle East increased their share of WMP purchases, while Chinese demand was more notable in butter.
" Mr Gordon said Fonterra had been cautious in . The giant NZ co-op announced a price range of $NZ7.25-$NZ8.
75 per kilogram of milksolids, giving a midpoint of $NZ8/kg. "That's a relatively conservative view compared to our existing forecast of $NZ8.40/kg - a view that we've .
